Date: Thu, March 06, 2025 | 03:55 AM GMT
The cryptocurrency market continues its strong momentum today, extending the recovery that began yesterday. Bitcoin (BTC) has rebounded sharply from Tuesday’s low of $81K and is now trading around $91K. A key driver behind this surge appears to be the upcoming White House crypto summit under Trump’s administration on Friday, which has boosted investor sentiment.
Altcoins are rallying alongside BTC, and Ondo (ONDO), a leading real-world asset (RWA) token, has captured attention with its impressive 23% gain in the last 24 hours. This surge comes amid a major milestone in ONDO’s on-chain metrics, signaling increasing investor confidence.
TVL Hits a New All-Time High
According to data from Artemis, ONDO’s Total Value Locked (TVL) has reached a new all-time high of $1 billion today. This marks an extraordinary increase from just $186 million in March 2024, showcasing the protocol’s rapid adoption and growth in the RWA sector.
The expansion of ONDO’s ecosystem, particularly in tokenized treasury assets and institutional partnerships, has significantly contributed to this surge.
Is a Breakout Around the Corner?
On the daily chart, ONDO has been trading within a descending channel pattern following its recent all-time high. The token recently bounced off key support at $0.88 and has now climbed to $1.19, where it is testing the descending resistance.
If bullish momentum continues and ONDO successfully breaks above this resistance level along with the 50-day SMA, it could trigger a strong rally toward the next key resistance levels at $1.64 and $2.14. This would represent a potential 77% upside from the current price.
The MACD indicator is beginning to show early signs of a bullish crossover, which suggests that momentum could be shifting in favor of the bulls.
However, if ONDO faces rejection at the descending resistance, a pullback toward the $0.90-$1.0 support zone is possible before another breakout attempt.
Final Thoughts
With ONDO’s TVL reaching new highs and price action showing signs of a potential breakout, traders are closely monitoring its next move. A confirmed breakout above the descending channel could unlock significant upside potential, while failure to break resistance might lead to consolidation.
As always, market conditions remain dynamic, and Bitcoin’s movement will likely influence ONDO’s price trajectory in the short term.
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