Ondo Finance (ONDO) price today surpassed its all-time high (ATH) of $1.05 on March 31, after the US Securities and Exchange Commission (SEC) approved the fund applications Spot Ethereum ETF. With ONDO's recent growth, the Real World Assets (RWA) sector appears to have come into focus.

Sharp rise in Ondo prices makes RWA important again

US fund manager Blackrock's entry into the crypto world with its application for a Bitcoin spot ETF in June 2023 catalyzed the current rally. Soon after, the American financial group entered the tokenization space in March 2024, launching the RWA story, promoting tokens such as Ondo, Dusk (DUSK), Centrifuge (CFG), and many other tokens in the same field. other area.

Source: DeliLama

Due to a lack of volatility, the crypto market was slowing down, but the SEC's surprise approval of a spot Ethereum ETF catalyzed the altcoin season. Ondo, in particular, has shown incredible bullish momentum, up 20% in the past 24 hours.

Data from crypto tracker DeFiLlama supports this claim by noting that ONDO's total value locked (TVL) increased from 40 million at the beginning of March to 438.72 million at the time of this writing. .

Ondo price shows potential

Since mid-March, Ondo price has fluctuated between $0.97 and $0.69 but broke out in this morning's trading session. The 10% rally that ended the accumulation phase pushed ONDO to an ATH of $1.05.

Currently, as the RWA token is in its price discovery phase, investors can expect the current bullish momentum to push it to the 141.40% Fibonacci extension at $1.32. The move will generate a 25% increase.

If the bulls become more aggressive and the crypto market outlook does not become bearish, Ondo price could extend the uptrend and reach a new ATH of $1.46, which corresponds to the 161 Fibonacci extension level, 80%.

ONDO/USDT 1-day chart | Source: TradingView

Supporting this bullish thesis is IntoTheBlock's Total Address Balance Index. This index tracks the number of addresses with a balance and is used to gauge investor interest in the project. The spike in this on-chain metric signals a strong and growing user base.

As we can see from the chart in the case of Ondo, the total number of addresses with balances increased from 35,180 to 41,300 over the past month. This 17.39% growth, despite price consolidation, indicates a positive investor outlook for Ondo prices.

Total ONDO addresses with balance chart | Source: IntoTheBlock

Conversely, if Ondo price creates a daily candle that closes below the May 20 low of $0.87, it will create a lower low. This new low would indicate a breakdown of the bullish market structure and invalidate the bullish thesis. In this case, ONDO could plummet 36% and hit the April 12 low of $0.55.

*Real World Asset (RWA) is the term used to refer to real assets that are tokenized and included in the blockchain. This is the process of digitizing physical assets such as real estate, commodities, stocks, bonds, and other financial assets so that they can be traded and managed on a blockchain platform.

Source: https://tapchibitcoin.io/gia-ondo-finance-ondo-pha-vo-ath-huong-toi-muc-tang-40.html