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Ondo TVL rises with a market cap reaching $1.32 billion amid strong utility in RWA

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Ondo Finance (ONDO) price has been on a bullish streak since inception in January, with a sustained series of higher highs.

ONDO price has surged 13% in 24 hours sending its market capitalization to $1.32 billion. Ondo Finance TVL has reached $420.89 million, up nearly 20% in May and almost 40% in a month. Strong utility in RWA facilitating creation of decentralized fund management strategies is among possible catalysts. Ondo Finance price has been on a bullish streak since inception in January, with a sustained series of higher highs.

rise in TVL refers to an increase in the total monetary value of assets locked in DeFi protocols or platforms. TVL represents the total value of all cryptocurrency assets being utilized for various purposes within the DeFi ecosystem, such as lending, borrowing, providing liquidity, yield farming, and other decentralized financial activities.

-day chart Conversely, a rejection from the trendline could see the RWA token lose support offered by the 78.6% Fibonacci retracement level of $0.8673. If the subsequent support due to the Smooth Moving Average at $0.8240 fails to hold, ONDO price could to the 61.8% Fibonacci retracement level of $0.7239. A slip below this base would send ONDO price into the Golden Zone, but the bullish thesis would only be invalidated upon a daily candlestick close below the 50% Fibonacci placeholder at $0.

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