ONDO Token Surges as Ondo Finance Sets New TVL Record
ONDO’s price spiked over 12% to reach $1.06 before settling at $1.01, marking a meaningful rebound from its August decline.
The primary driver behind this surge is the remarkable growth of Ondo’s total value locked (TVL),which climbed above $1.5 billion, reaching an all-time high. This upward momentum is largely attributed to the success of Ondo Global Markets, the platform enabling U.S. stocks and ETFs to be tokenized.
In just one week post-launch, Ondo Global Markets has accumulated over $105 million in TVL, positioning it as the biggest platform for tokenized stocks and ETFs. Increased token locking on Ondo Finance could minimize selling pressure, aiding bulls in driving prices higher.
- Whales significantly increased their ONDO holdings recently.
- Santiment data shows whale activity rising over the last two days.
Renewed interest from major holders indicates growing confidence in ONDO, possibly inspiring retail investors to follow suit.
Technically, ONDO has completed a bullish pennant pattern on its daily chart. This suggests a short-term continuation where prices consolidate before breaking out, usually indicating stronger buying pressure.
With ONDO now trading above the 20-day EMA, technical factors point towards further gains. The next target could be around $1.17, potentially rising to $1.36.
A slip below the 20-day EMA at $0.94 could signal weakness,nullifying the bullish outlook.
