A widely followed trader and analyst is updating his outlook on a medium-cap crypto asset that has skyrocketed by quadruple-digit percentage points since January.
The trader pseudonymously known as Altcoin Sherpa tells his 217,100 followers on the social media platform X that the utility token of Ondo Finance (ONDO), a crypto project focused on the tokenization of real-world assets (RWAs), is “still one of the strongest coins out there”.
[adinserter block="1"]According to Altcoin Sherpa, ONDO has bounced off a key support level to potentially confirm the strength of the uptrend. Based on Altcoin Sherpa’s chart, it appears that the support level that ONDO has bounced off of coincides with the 0.382 Fibonacci retracement level. Fibonacci levels, based on Fibonacci numbers, are used to determine potential points of support or resistance.
Based on the pseudonymous analyst’s chart, it also appears that ONDO has maintained to stay above the 200 exponential moving average (EMA) on the four-hour chart for over three weeks now.
ONDO is trading at $1.31 at time of writing, up by 1,469% from the January 18th low of $0.0822.
Turning to Solana (SOL), Altcoin Sherpa says,
“I think SOL is just going to keep chopping around personally between $185 and $120. It’s a big range overall but I think we just continue to see a prolonged period of consolidation. It’s healthy to see this after that huge run to be honest, expecting bigger things later.”
Solana is trading at $150 at time of writing.
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