Trader Predicts ONDO Price Rise to $2.35, Calls It RWA King

Following SEC approval of Ethereum spot ETFs, ONDO's price surged 13.26%, rising from $0.92 to $1.22.

On account of the SEC's approval of eight Ethereum spot ETFs, the price of the foremost RWA cryptocurrency project ONDO increased substantially. Prior to the announcement, the price of ONDO was $0.92.

Nevertheless, the token experienced an extraordinary surge of 13.26% within twenty-four hours of the announcement, surpassing the critical psychological threshold of $1 and ascending to $1.22.

In recent times, esteemed cryptocurrency trader Sjuul imparted knowledge, designating ONDO as the epitome of Real World Asset (RWA) discourse.

The crypto community has been captivated by the renowned crypto trader Sjuul's evaluation of ONDO's performance. By emphasizing its capabilities in the Real World Asset (RWA) discourse, Sjuul has established ONDO as a prominent contender in the continuously developing cryptocurrency industry.

$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

Sjuul recommended that ONDO holders incorporate Fibonacci levels into their trading strategies in a tweet. The levels delineated in his chart analysis provide a methodical framework for establishing take-profit objectives amid the bullish momentum surrounding cryptocurrency.

The trader advised ONDO to prioritize establishing a robust support level and suggested that the stock might pursue price targets of $1.35, $1.85, and $2.35. According to him, ONDO is capable of achieving these objectives so long as it remains in the price discovery phase.

Recently, Ondo Finance incorporated its assets into BlackRock's BUIDL tokenization fund on Ethereum, thereby strengthening ONDO's connections to the ecosystem of the cryptocurrency titan. The correlation between this strategic maneuver and the Ethereum ETF news is explicable.

Consequently, following the SEC's approval of eight Ethereum spot ETFs, the value of ONDO experienced a substantial surge, increasing by 14% to $1.20.

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

DeFiLlama's most recent report indicates that the Total Value Locked (TVL) of Ondo Finance has soared to $458.42 million, indicating a solid long-term trajectory. The TVL could reach $1 billion within a few months if this trend continues, which would increase the price of ONDO to $2 or $4.

Furthermore, according to Santiment data, ONDO's monthly volume has increased substantially to $449.50 million, signifying a substantial surge in interest.