Will a channel breakout rally and whale accumulation drive the price of Ondo Finance (ONDO) to the $2 mark?Despite the broader market correction, Ondo Finance is holding strong amid the massive incoming supply. Currently, Ondo is trading at $1.63, with a 2.55% price increase over the past 24 hours, maintaining a market cap of $2.25 billion.The recovery in Ondo is signaling a potential surge toward the $2.00 psychological mark. Is this optimistic target achievable amid the broader market pullback? Let's explore.ONDO Price AnalysisThe 4-hour chart shows a significant candle forming in the past four hours, marking a 9.46% surge within a falling-channel pattern.ONDO price chartMoreover, it completes a morning star pattern as it bounces back from the $1.47 support level. Breakout potential has significantly increased as the price approaches the overhead resistance trendline.The bullish reversal in Ondos price action stems from a long-standing support trendline with consistent lower price rejections, which adds credibility to the morning star pattern and further increases breakout chances.Whale Shows Confidence Amid Market CrashA crypto whale has entered Ondo Finance as the bullish recovery trend gains momentum. According to a recent tweet from SpotonChain, a whale bought a large amount of Ondo tokens amid the broader market pullback.The entity created a new wallet and exchanged 4,611 Ethereum tokens, worth $17.1 million, to purchase Ondo tokens. In return for the massive Ethereum supply, the whale acquired 10.978 million Ondo tokens at an average price of $1.553.Will ONDO Price Reach $2?The MACD and signal lines have shown an uptick with the bullish recovery, supporting the upward trend. This increases the chances of a positive crossover, signaling a potential trend reversal.Using trend-based Fibonacci levels, the immediate resistance level above the supply trend line is the 23.60% level at $1.6952. If a breakout occurs early, there is potential for a surge to the 50% Fibonacci level at $1.93.This would significantly increase the likelihood of Ondo reaching the $2.00 psychological mark before the end of December.
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