ONDO Surges as Drops anchor at New TVL Milestone
ONDO has confirmed a bullish breakout from a pennant pattern today. Its total value locked (TVL) has surged past $1.5 billion, marking a new record.
According to crypto.news, ONDO climbed over 12%, reaching a peak of $1.06. Despite settling at $1.01 later, this movement signals a turnaround from its August downturn. Though still 9% below its August high, ONDO shows signs of recovery.
The surge stems from the TVL spike on Ondo Network. This was driven by the rapid growth of Ondo Global Markets, a new platform for tokenizing U.S. stocks and ETFs. With over $105 million amassed in just one week, it stands as the leading platform for tokenized assets.
Increasing TVL leads to reduced selling pressure on ONDO coins. this reduction could give buyers the edge,pushing prices upward. Additional impetus comes from whale activity. Thes large holders have been accumulating more ONDO tokens recently.
- Whales with holdings between 10,000 and 10 million tokens have shown buying interest.
- this could attract retail investors, further supporting price gains.
A look at charts shows a bullish pennant formation as July. Breaking out of this confirms buyers’ dominance. Key indicators like the 20-day EMA and MACD also favor an uptrend.
If ONDO breaks $1.17, it could aim for $1.36 – approximately 35% above current levels. A fall below $0.94 might undermine this optimistic scenario.
Remember, none of this is financial advice, merely observations based on recent movements.
