Ondo price has rebounded in the past few days as demand for real-world asset (RWA) tokenization assets gained steam. The token jumped for five consecutive days, reaching its highest level since July this year. It has jumped by over 78% from its lowest point this year.
Ondo Markets’ growth is surging
Ondo price has surged in the past few days as investors cheered the ongoing growth of the recently launched Ondo Global Markets solution.
The new service has brought Wall Street on-chain by tokenizing the stock market. It launched with over 100 stocks and ETFs, including popular names like Nvidia, Google, and Tesla.
Data shows that the solution has become highly popular, with the total value locked jumping to over $160 million. This growth makes it one of the fastest-growing players in the RWA industry.
Ondo Markets has a chance to revolutionize access to investment solutions by making them available in other countries. Its growth will likely continue accelerating as people become aware of its business and it adds more assets.
Ondo Finance total value locked is soaring
Meanwhile, Ondo price has jumped as the TVL in its platform jumped to a record high of $1.5 billion, much higher than where it started the year at. Its lowest level this year was $563 million.
Ondo’s TVL is being fueled by its yield-generating stablecoin, like the Ondo US Dollar Yield (USDY) token, which has over $500 million in assets and the Ondo Short-Term US Treasuries Fund (OUSG), which has over $724 million.
This growth will likely continue as demand for tokenized solutions continue rising.
Meanwhile, Ondo Finance launched Flux, a lending platform that is seeing strong growth, albeit from a low base. The platform has a total value locked of over $42 million, surpassing its low of $4 million from last November.
Flux is a platform similar to the recently launched Horizon by Aave in that it provides a platform for users to lend and borrow stablecoins against tokenized US treasuries.
Ondo has also launched its own chain, which focuses on the tokenization industry. As such, it has positioned itself as one of the top beneficiaries for a sector that will have trillions in assets.
All this growth has made Ondo a highly profitable platform with over $11 million in revenue in the current quarter so far. Its earnings in this period has been $11 million, much higher than the $4.19 million it made last year.
The next major catalyst for the Ondo price will be the Ondo ETF, which was filed by 21Shares.
Ondo Price Technical Analysis
The daily timeframe chart shows that the Ondo price has been in a strong bullish trend in the past few weeks. It jumped from a low of $0.6150 in July to $1.100.
The coin has formed an inverse head-and-shoulders pattern, a common reversal sign. It is nearing the neckline at $1.15. Also, the coin has moved above the 50-day and 100-day Exponential Moving Averages (EMA).
Therefore, the Ondo coin price will likely continue rising as bulls target the 50% retracement level at $1.3257, up by 20% above the current level.
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