Ondo Price Surges After New SBI Partnership as Its RWA Growth Continues

Ondo price continued rising this week, reaching its highest level since June 4 this year, continuing a trend that started on June 24, when it bottomed at $0.2935. It has jumped by 35% from its lowest level this year, helped by a major partnership with SBI, a major Japanese company.

The ongoing rally happened in a high-volume environment, with its 24-hour volume soaring by over 226% to close to $300 million. Its market cap has jumped to nearly $1.88 billion.

Ondo Finance Partnership With SBI Group

Ondo token jumped sharply after the company inked a deal with SBI Group, a top Japanese company valued at over $11 billion. In a statement, the company said that the deal will be in the real-world asset (RWA) tokenization industry. It will be settled using the JPYSC stablecoin, which it launched recently.

Ondo has become one of the biggest players in the RWA industry. For example, data shows that the total value locked (TVL) in its platform has jumped to over $3.54 billion and is hovering near its all-time high. This is important as some of the biggest players in the DeFi industry have seen their TVL drop during the ongoing crypto winter.

Ondo’s TVL growth is driven by its USDY asset, which has over $2.16 billion in assets and pays an annual APY of 3.55%. It also has the Ondo Short-Term US Treasuries Fund (OUSG), which has over $405 million in assets and an annual APY of 3.45%. These assets are some of the most common in the crypto industry.

Ondo Global Markets Volume is Growing

In addition to this, Ondo also launched the Ondo Global Markets platform, which enables investors to buy and sell tokenized stocks. Its platform has some of the biggest companies in the industry like Nvidia, Apple, and Microsoft.

Data shows that the TVL in this platform has jumped to over $973 million. Also, the volume of transactions, which is a better metric, has continued to grow. It handled transactions worth over $3 billion in the second quarter, higher than the $2.7 billion it processed in Q1. Its volume this quarter so far has been over $300 million.

This growth has happened even as the industry has become more competitive, with most companies offering the same service. Robinhood, one of the biggest players in the trading industry, was one of the first ones to launch these solutions. Other companies like Hyperliquid, Lighter, Coinbase, and OKX are all offering these tokenized stocks and ETFs.

This growth has helped to fuel the surge in Ondo’s fees, an exception considering that many networks have been struggling. The network had over $15.3 million in fees last quarter, higher than the $11 million it made in the first quarter this year. This growth will likely continue as more people embrace the platform.

Ondo Crypto Price Prediction: Technical Analysis

The daily chart shows that the Ondo crypto price has rebounded from the year-to-date low of $0.2402 in April to a high of $0.3940 today. Its lowest level this year was notable as it was the lowest swing in February, March, and April.

The coin then crossed the important resistance level of $0.2965, its highest level in February this year. It recently retested that level, confirming a break-and-retest pattern, a common bullish continuation sign in technical analysis.

Ondo price has moved above the 38.2% Fibonacci Retracement level. It has also jumped above the 50-day and 100-day moving averages, confirming the bullish breakout. Therefore, the token will likely continue rising, potentially to the psychological level of $0.50.