Ondo (ONDO) price is nearing its key weekly resistance of $1.38 on Friday, and a firm close above this level hints at a rally ahead. Ondo announced on Wednesday that it launched its new Layer 1 blockchain called Ondo chain, which is purpose-built for institutional-grade Real World Assets (RWAs). Moreover, DefiLlama data shows that ONDO’s Total Volume Locked (TVL) has risen to nearly $654 million, hinting at a rally ahead.
Ondo announced on Wednesday that it launched its new Layer 1 blockchain called Ondo chain, which is purpose-built for institutional-grade RWAs.
“Design advisors for the chain include new members of the Ondo Ecosystem: Franklin Templeton, Wellington Management, WisdomTree, Google Cloud, ABN Amro, Aon, and McKinsey. The Ondo Ecosystem already includes notable industry leaders such as BlackRock, PayPal and Morgan Stanley,” says Ondo on its X post.
Ondo Chain is designed from the ground up to solve problems and enable true institutional-scale RWAs. It combines the best aspects of public and permissioned blockchains to provide the infrastructure for institutions and the financial system to come onchain. This initiative aims to bridge traditional finance with blockchain technology, enhancing efficiency and compliance in the financial markets.
1/ Today, we’re thrilled to announce Ondo Chain, our new Layer 1 blockchain purpose-built for institutional-grade RWAs.
— Ondo Finance (@OndoFinance) February 6, 2025
Design advisors for the chain include new members of the Ondo Ecosystem: Franklin Templeton, Wellington Management, WisdomTree, Google Cloud, ABN Amro, Aon,… pic.twitter.com/a35GHB7OFW
Crypto intelligence tracker DefiLlama data shows that Ondo’s TVL increased from $568.32 million on January 31 to $653.44 million on Friday, constantly rising since January 16.
This increase in TVL indicates growing activity and interest within the Ondo ecosystem. It suggests that more users deposit or utilize assets within ONDO-based protocols, adding credence to the bullish outlook.
ONDO TVL chart. Source: DefiLlama
Ondo price faced resistance around the weekly resistance of $1.37 on Tuesday, which declined nearly 7% until Wednesday. However, it recovered slightly on Thursday. At the time of writing on Friday, it trades above its weekly weekly resistance of $1.37.
If ONDO breaks and closes above $1.37, it could extend the rally to test its December 16 all-time high of $2.14.
The Relative Strength Index (RSI) on the daily chart read around its neutral level of 50, indicating indecisiveness among the traders. Moreover, its Moving Average Convergence Divergence (MACD) is about to trigger a bullish crossover on the daily chart. If MACD flips a bullish crossover, it would give buy signals and indicate an upward trend.
ONDO/USDT daily chart