ONDO Breakout Eyes $2.40 as Bulls Target Altcoin Season Rally

Key Insights:

• The weekly chart showed ONDO crypto price coiling up at resistance above $1.17; thus, it may quickly reach the Altseason target of $2.40.
• ONDO was already running at 20% profit and breaking crucial areas.
• Ondo tokenized stock TVL is now bigger than all competitors combined after one week, while the overall TVL sat at more than $1.53B.

ONDO Finance (ONDO) increased investor attention with its sharp rise, strengthening its position in the crypto space. The Real World Assets (RWA) narrative, the hottest in blockchain technology currently, drove this rise.

The daily performance of ONDO price was above the 7% mark, with its tokenized equities’ Total Value stock (TVL) recovering. The market cap of RWAs increased to $29 billion, an 11% uptick over the week. Institutions and governments were adopting this narrative.

Analysts saw an ongoing breakout but thought the altcoin might rise higher as Altseason got underway.

ONDO Crypto Price Eyes Rally Beyond $2.40

With a price structure that showed a breakout above the descending trendline, the altcoin led the entire RWA sector by market share. The ONDO price was still attempting to successfully breach the $1 resistance zone, which could set it toward $1.40.

For roughly six months, ONDO crypto had stabilized while fluctuating between the $0.60 and $1 levels. This accumulation phase was above the 50-weekly moving average (MA), a key demand zone.

Following a decline from $2 in January this year, the ONDO price last exceeded $1.20 in March. However, the weekly candle needed to close above $0.90 for the setup to hold.

Meanwhile, if ONDO cleared $1.40, there would be no major resistance of up to $2. The trading volume has remained low since the bear market began and continued until it reached its lowest point in July.

Experts Focus on Altseason Rally

Analysts agreed with these ONDO price targets. Bulls were eyeing $2.40 after the breakout as Altseason rally talks became more rampant. According to Carl Moon, ONDO was coupling up at the resistance level of $1.17 and could reach $2.40 immediately.

The same was planned for other altcoins in this space, with Avalanche (AVAX) and Chainlink (LINK) trailing ONDO. These coins were also gaining popularity on social media due to significant partnerships with Wall Street and BlackRock supporting them.

Another popular analyst named World Of Charts reiterated the same prediction, but his target was $2.15. The trader had already made a 20% gain since placing a position at the $0.85 level. The breakout zone at $1.17 was 89% of the final destination at $2.15.

Recovering ONDO Crypto TVL for Tokenized Stocks

For the $29 billion tokenized market, ONDO continued to lead in terms of on-chain activity. This new asset class was gaining traction as it addressed particular problems, according to CoinMarketCap. Furthermore, the industry was starting to overtake other participants, and RWAs’ prospects for the future appeared more promising.

ONDO’s assets under management (AUM) were approximately $1.50 billion. After just one week of recovery, the TVL of OND’s tokenized stocks was greater than the sum of all its rivals. At $126.85 million, the value was more than 2.64 times that of the stocks that came in second and third.

Furthermore, the volume of these stocks on ONDO increased by roughly 187% in just 30 days, reaching $153 million. At $1.53 billion, TVL also hit a new high.

In the current altcoin season, ONDO may benefit from the real yield and adoption that these developments collectively showed. The rally hinged on BlackRock and Wall Street eyeing blockchain-based ETFs. In the meantime, the broader market momentum was building on the Fed rate cut hopes.

In conclusion, caution was required due to altcoins’ crazy maneuvers, which included sudden corrections and enormous push-ups.