Following the SEC Approval of Eight Ethereum Spot ETFs, leading RWA crypto project ONDO has seen a significant price rise. Before the announcement, ONDO was trading at $0.92. However, within 24 hours of the news, the token saw a remarkable 13.26% surge, surpassing the crucial psychological threshold of $1 and reaching $1.22.
Meanwhile, popular crypto trader Sjuul recently shared his insights, calling ONDO the king of real-world asset (RWA) stories.
ONDO King RWA
Famous crypto trader Sjuul excited the crypto community with his analysis of ONDO's performance. Highlighting its prowess in real-world asset (RWA) storytelling, Sjuul has positioned ONDO as a leading player in the ever-evolving crypto landscape.
In his tweet, Sjuul advised ONDO holders to consider using Fibonacci levels as part of their trading plan. These levels, outlined in its chart analysis, offer a structured approach to setting profit targets amid the cryptocurrency's bullish momentum.
While emphasizing the importance of establishing a strong support level, the trader indicated that ONDO could potentially target price targets of $1.35, $1.85, and $2.35. He believes ONDO can achieve these goals as long as it remains in its current price discovery phase.
Connecting ONDO with Ethereum
Ondo Finance recently integrated its assets into BlackRock's BUIDL tokenization fund on Ethereum, strengthening ONDO's ties to the crypto giant's ecosystem. This strategic decision explains its correlation with the news of the Ethereum ETF.
Therefore, after the SEC gave the green light to the 8 Ethereum spot ETFs, the price of ONDO surged to $1.20, marking a 14% increase in its price.
10x growth potential
A recent DeFiLlama broadcast report that Ondo Finance’s total value locked (TVL) soared to $458.42 million, suggesting a strong long-term trajectory. With this trend, the TVL could reach $1 billion within a few months, thus strengthening the price of ONDO and propelling it to $2 or even $4.
Additionally, Santiment data reveals that ONDO volume reached a monthly high of $449.50 million, indicating a significant rise in interest.