Home Blockchain Ondo Price Hits Record High, Set to Surge by 40% – Ethereum ETF Approval RWA Frenzy

Ondo Price Hits Record High, Set to Surge by 40% – Ethereum ETF Approval RWA Frenzy

Ondo Price

The price of Ondo (ONDO) has broken through its previous all-time high (ATH) of $1.05, igniting a surge of excitement in the crypto community. This surge, amounting to a 10% rally during the early Asian session, comes on the heels of the US Securities and Exchange Commission’s (SEC) groundbreaking approval of Ethereum’s spot Exchange Traded Fund (ETF) applications.

This approval has not only sent shock waves through the crypto market but has also brought the Real World Asset (RWA) sector into sharp focus, with Ondo leading the charge. As institutional interest in cryptocurrency continues to grow, Ondo’s rally marks a significant moment for the broader crypto landscape.

The journey to this milestone can be traced back to Blackrock’s entry into the crypto realm with its Bitcoin spot ETF application in June 2023. This move catalyzed a bull run that has persisted, gathering momentum as major financial players venture further into the tokenized sector. Blackrock’s subsequent exploration of tokenized assets in March 2024 injected fresh vigor into the market, giving rise to the RWA narrative and fueling the ascent of tokens like Ondo, Dusk (DUSK), and Centrifuge (CFG).

The approval of Ethereum’s spot ETF by the SEC has breathed new life into what was previously a stagnant market,  what some are calling an “alt season.” Ondo, in particular, has emerged as a frontrunner in this resurgence, experiencing a staggering 20% surge in just 15 hours.

Backing this bullish momentum is data from DeFi Llama, a crypto intelligence tracker, which highlights ONDO’s staking Total Value Locked (TVL). Since early March, ONDO’s TVL has skyrocketed from 40 million to an impressive 442 million, underscoring growing investor confidence in the project.

Charting its course through recent months, the Ondo price has oscillated between $0.97 and $0.69. However, the breakout witnessed during the early Asian session on Friday propelled ONDO to its ATH of $1.05. With the RWA token now in the throes of price discovery, analysts anticipate further gains, with projections reaching the 141.40% Fibonacci extension level at $1.32, marking a potential 25% increase.

Should bullish sentiment persist and market conditions remain favorable, Ondo’s upward trajectory could see it breach the 161.80% Fibonacci extension level, reaching a new ATH of $1.46.

Supporting this optimistic outlook is Into The Block’s Total Addresses with Balance metric, which tracks investor interest in the project by monitoring the number of addresses with a balance. In the case of Ondo, this metric has seen a significant uptick, climbing from 35,180 to 41,300 over the past month, indicating a robust and expanding user base.

However, amidst the euphoria, cautionary notes sound. A daily candlestick close below the May 20 swing low of $0.87 could signify a shift in market sentiment, potentially leading to a breakdown of the bullish market structure. In such a scenario, Ondo’s price might retreat by 36%, revisiting the April 12 swing low of $0.55.

As the crypto market continues to evolve, Ondo’s journey serves as a testament to the transformative potential of blockchain technology and the growing relevance of real-world asset tokens. With the Ethereum ETF approval acting as a catalyst, the stage is set for further excitement and volatility in the days to come. Investors tread cautiously, mindful of both the promise and the pitfalls that lie ahead in this ever-changing landscape.

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MikeT

Mike T, an accomplished crypto journalist, has been captivating audiences with her in-depth analysis and insightful reporting on the ever-evolving blockchain and cryptocurrency landscape. With a keen eye for market trends and a talent for breaking down complex concepts, Mike's work has become essential reading for both crypto enthusiasts and newcomers alike. Appreciate the work? Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

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