Ondo Finance (ONDO) is gaining momentum as the cryptocurrency markets see increased bullish momentum. The token rose 7.22% in the past 24 hours and 17% in the past week, reflecting increasing confidence within the marketplace.
Right now, ONDO’s price is $1.08, supported by a high 24-hour volume level at $424.8 million, an 88.79% increase. The capitalization has increased to $3.43 billion and has grown alongside price movement.
Fidelity partnership strengthens RWA narrative
One notable development driving interest is the Fidelity roll-out of the Fidelity Digital Interest Token (FDIT), a tokenized money market fund that incorporates yield-bearing assets on the blockchain. The only anchor investor in Ondo Finance’s OUSG is Ondo Finance, and they comprise over 99% of the fund assets. The strategic development cements Ondo as a tokenized treasuries leader and highlights the growing relevance of real-world assets (RWAs) in crypto.
Institutional investors are looking at ways to meld the security of U.S. Treasuries and the efficiency of blockchain, possibly building a deeper correlation between conventional finance and DeFi. However, this convergence between Ondo and Fidelity could spur adoption, pulling in more liquidity from big investors looking for a spot in the blockchain.
ONDO technical breakout signals upside potential
Technically, OND/USDT broke out of a long downtrend line that was a significant level of resistance earlier. The breakout was corroborated by a successful retest at the $0.85-$0.90 level of support, where demand came in and turned prices around. However, the current price at $1.08 means momentum is currently holding firm and the first near-term target is in the region around $1.15.
If this level is broken, the chart has a larger target near $2.13 — nearly doubling from current prices. The larger picture, however, has investors on high alert, as a relentless drop below $0.90 would negate the buy thesis. Sentiments on the markets and Bitcoin prices remain a significant factor in determining if ONDO reaches those prices.
