Following the SEC’s approval of eight Ethereum spot ETFs, the leading crypto project focusing on Real World Assets (RWA), ONDO, saw a big price jump.
Before the announcement, ONDO was trading at $0.92. However, within 24 hours of the news, its price surged by 13.26%, crossing the important $1 mark and reaching $1.22. Crypto trader Sjuul has also recently praised ONDO, calling it the top player in RWA narratives.
Analyst Analyzes ONDO’s RWA Narrative and Price Targets
Renowned crypto trader Sjuul has garnered attention in the crypto community with his analysis of ONDO’s performance, emphasizing its strength in the Real World Asset (RWA) narrative. Sjuul positions ONDO as a standout player in the evolving crypto landscape.
$ONDO has been showing incredible strength and has become the king of the RWA narrative.
If you are a holder and want to have an objective plan for your take-profit strategy, use the Fibonacci levels in my chart.
As long as we stay in price discovery, those should be targets. pic.twitter.com/pZdg3Yzv0T
— Sjuul | AltCryptoGems (@AltCryptoGems) May 25, 2024
In a recent tweet, Sjuul recommended ONDO holders consider using Fibonacci levels as part of their trading strategy. These levels, detailed in his chart analysis, provide a structured approach for setting take-profit targets during ONDO’s bullish momentum.
Highlighting the importance of establishing robust support levels, Sjuul suggested potential price targets for ONDO at $1.35, $1.85, and $2.35. He expressed confidence that ONDO could achieve these targets while continuing in its current phase of price discovery.
ONDO Finance Integration and Price Surge Post Ethereum ETF Approval
ONDO Finance recently integrated its assets into BlackRock’s BUIDL tokenization fund on Ethereum, strengthening its connection to the crypto giant’s ecosystem. This strategic move aligns with ONDO’s correlation to the Ethereum ETF news.
Following the SEC’s approval of 8 Ethereum spot ETFs, ONDO’s price surged to $1.20, marking a 14% increase.
According to a recent report from DeFiLlama, ONDO Finance’s Total Value Locked (TVL) has surged to $458.42 million, indicating a strong long-term trajectory. With this growth trend, the TVL could potentially reach $1 billion in the coming months, bolstering ONDO’s price to $2 or even $4.
Yesterday night when the news broke out about the Eth approval and I tweeted that I am doing absolutely nothing with that info based on the chart looking like only idiots trading it, which aged well.
But I did notice $Ondo being an outlier beneficiary. But I thought, still… pic.twitter.com/OQnt3ip1eG
— Sp3y3Der ▚▘▚▘▚▘ (@sp3y3der) May 24, 2024
Furthermore, Santiment data reveals that ONDO’s trading volume has surged to a monthly high of $449.50 million, signaling increased interest and activity in the token.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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