The cryptocurrency market is having a relief pump following days of massive selloff. Bitcoin remains below $77,000, but the leading altcoins have embarked on a solid recovery. 

Ethereum (ETH), the leading altcoin by market cap, is approaching the $2,200 level once again, while Hyperliquid (HYPE) leads the rally with a 6% pump.

However, ONDO, the native coin of Ondo Finance, is the best performer among the top 50 cryptocurrencies by market cap. 

ONDO is up 13% in the last 24 hours, with the bulls now targeting the 4-hour swing high above $0.48.

Momentum indicators have also flipped bullish, suggesting that buyers are now in control.

ONDO is trading at $0.388 at press time on Tuesday, up by 13% over the past 24 hours.

The primary catalyst behind ONDO’s rally is the announcement by Ondo Finance that its tokenized stocks TVL has hit the $1.5 billion mark.

According to Ondo Finance, this growth highlights the increasing demand for on-chain access to equities and exchange-traded funds.

The team revealed that the five largest assets by TVL include CRCLon (Circle), IVVon (S&P 500 ETF), MUon (Micron), NVDAon (Nvidia), and IBITon (Bitcoin ETF). 

Together, these five tokenized securities account for approximately 25% of the entire tokenized stock market on the platform. 

The concentration reflects strong investor appetite for blue-chip technology stocks, major index funds, and crypto-linked ETFs.

This latest development comes amid rising demand for tokenized stocks.

By converting stocks and ETFs into blockchain-based tokens, Ondo Finance and similar platforms allow investors to enjoy near-instant transfers and 24/7 trading in these stocks. 

This feature brings stocks trading to DeFi and opens up new use cases, such as using tokenized stocks as collateral in lending markets or integrating them into automated portfolio strategies.

On the derivatives side, retail demand for ONDO has increased massively over the past 24 hours.

Data obtained from CoinGlass reveals that ONDO’s futures Open Interest (OI) now reads $196 million, up 13% from the $162 million recorded on Monday.

However, the OI-weighted funding rate remains negative and reads -0.0030, indicating that the bears are not yet out of the market. 

The ONDO/USD 4-hour chart is bullish and efficient as Ondo Finance is up by 13% in the last 24 hours. 

The coin briefly dropped to the $0.33 level on Monday following the recent dip, grabbing the 4-hour Inducement Liquidity (ILQ) before resuming its rally. 

The momentum indicators suggest that the bulls are now in control. The RSI of 61 shows that ONDO is bullish but has yet to enter the overbought region, suggesting further room for growth. 

The MACD lines also entered the positive zone during the New York session on Monday, adding further bullish confluence to the narrative.

If the rally persists, ONDO could surge towards the 4-hour swing high of $0.4883  and target the $0.5000 psychological level.

A daily candle close above this level could allow ONDO to target the next major resistance level at $0.544 for the first time since November.

However, if the bears regain control, the Monday low of $0.3300 could serve as the initial support level.

Failure to defend this level could see ONDO drop towards the 4-hour Transactional Liquidity (TLQ) at $0.3159.

The post ONDO surges higher: can bulls push the token past $0.50 soon? appeared first on Invezz

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