- Ondo’s price surged 8% in 24 hours, nearing key resistance levels, while tokenized assets saw a record market value rise.
- Ondo’s recent rally reflects growing interest in tokenized RWAs, with the total value of on-chain assets surpassing $29 billion.
- Derivatives trading on Ondo saw a sharp rise, with open interest and futures volumes reflecting heightened speculative activity.
Ondo’s price surged to $1.09 on September 12, extending its rally over the past week. This marks an 8% gain in just 24 hours, placing the token in a prime position to test its breakout zone. The recent price action comes amid an uptick in trading volumes and growing interest in the wider tokenized asset market.
The surge in Ondo’s price coincided with record-setting milestones in the tokenized real-world asset (RWA) space. The total market capitalization of RWA tokens surpassed $76 billion this week, while the total value of tokenized assets on-chain reached a new high of $29 billion. Ondo has been at the forefront of this momentum, with its protocol gaining significant traction within the broader decentralized finance (DeFi) ecosystem.
Over the last 24 hours, Ondo experienced a significant improvement of 85.5% in its trading volume, which amounted to $485.39 million compared to the one recorded the day before. This influx means that there is increased trading and increased speculation in the token. Moreover, the level of derivatives activity has also been increasing significantly, with an open interest of 14% to $585.74 million. The volume of the futures increased by 67% to $1.38 billion. This kind of activity is usually an indication of possible bigger variations in prices within the coming years.
Tokenized Asset Market Fuels Ondo’s Growth
The rally in Ondo’s price aligns with the broader growth in tokenized assets. The introduction of tokenized stocks and ETFs, such as Apple and Tesla, through Trust Wallet and Ondo on September 9 further boosted short-term sentiment. This integration allows users to trade major stocks directly on the blockchain, bypassing traditional brokers, and enhances the appeal of Ondo’s platform.
Ondo’s protocol total value locked (TVL) has also experienced substantial growth this year. It has also soared in value from a TVL of $650 million in January to 1.56 billion as of September 12. This development reflects the rising need for decentralized financial products relating to tokenized real-world assets.
Technical Indicators: There is a possibility of upward movement.
Technically, the Ondo price is already testing the resistance of at least $1.13, and the upper Bollinger Band has even more pressure on the Ondo price. The relative strength index (RSI) of the token stands at 66, suggesting a strong momentum without yet hitting an overbought state.
The fact that all the key moving averages are in agreement, including the 200-day simple moving average (SMA), the 10-day exponential moving average (EMA), is also an indication of a positive future. Nevertheless, when the price does not overcome the level of 1.13, there are chances of the company backing up to 0.95.
