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Renowned trader Sjuul dubs $ONDO as Real World Asset king, endorsing its market dominance.
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Crypto trader Sjuul forecasts $ONDO to hit $2.35, if it stays in its price discovery phase.
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DeFiLlama reports $ONDO's TVL at $458.42M, hinting at a $1B trajectory.
Following the SEC’s approval of eight Ethereum spot ETFs, the leading RWA crypto project $ONDO experienced a significant price surge. Before the announcement, $ONDO was trading at $0.92. However, within 24 hours of the news, the token saw a remarkable increase of 13.26%, surpassing the crucial psychological threshold of $1 and reaching $1.22.
Meanwhile, renowned crypto trader Sjuul recently shared insights, branding $ONDO as the king of Real World Asset (RWA) narratives.
$ONDO The RWA King
Renowned crypto trader Sjuul has excited the crypto community with his analysis of $ONDO’s performance. Highlighting its prowess in the Real World Asset (RWA) narrative, Sjuul has positioned $ONDO as a standout player in the ever-evolving crypto landscape.
$ONDO has been showing incredible strength and has become the king of the RWA narrative.
— Sjuul | AltCryptoGems (@AltCryptoGems) May 25, 2024
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
In his tweet, Sjuul advised $ONDO holders to consider employing Fibonacci levels as a part of their trading plan. These levels, outlined in his chart analysis, offer a structured approach to setting take-profit targets amidst the cryptocurrency’s bullish momentum.
While pointing out the importance of establishing a strong support level, the trader indicated that $ONDO could potentially aim for price targets of $1.35, $1.85, and $2.35. He believes $ONDO can reach these targets as long as it stays in its current price discovery phase.
$ONDO’s Connection with Ethereum
Ondo Finance recently integrated its assets into BlackRock’s BUIDL tokenization fund on Ethereum, solidifying $ONDO’s ties to the crypto giant’s ecosystem. This strategic move explains its correlation with the Ethereum ETF news.
Therefore, after the SEC greenlit 8 Ethereum spot ETFs, $ONDO’s price surged to $1.20, marking a 14% increase in its price.
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.
— Sp3y3Der ▚▘▚▘▚▘ (@sp3y3der) May 24, 2024
But I did notice $Ondo being an outlier beneficiary. But I thought, still… pic.twitter.com/OQnt3ip1eG
Potential for 10x Growth
A recent report from DeFiLlama shows that Ondo Finance’s Total Value Locked (TVL) has skyrocketed to $458.42 million, suggesting a strong long-term trajectory. With this trend, the TVL could reach $1 billion within a few months, bolstering $ONDO’s price and propelling it to $2 or even $4.
Additionally, Santiment data reveals that $ONDO’s volume has surged to a monthly high of $449.50 million, indicating a significant uptick in interest.
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