OndoFinance has emerged as one of the fastest-growing decentralized finance platforms on the Ethereum network. According to Token Terminal, the TVL on the platform has grown by 400% on a year-over-year basis, with an addition of approximately $1.5 billion in the last 12 months.
Source: X
This makes the network one of the fastest-growing platforms on the Ethereum network. The platform is at the forefront of real-world asset (RWA) infrastructure. Crypto Winkle indicated that Ondo has a total value locked (TVL) of $2.5 billion in various assets.
Tokenized stocks amount to $506 million, the highest in the industry, and U.S. Treasuries are $2 billion, the highest in the market. The platform has 204 real-world assets, the highest in the industry, and it increased by 31% in the last 30 days.
Source: X
OndoFinance supports over 61,900 token holders and partners with large institutions such as BlackRock for treasury tokenization services. Despite the success, the $ONDO token has failed to reflect the success of the platform.
Analysts believe that as Ondo continues to develop its platform and user base, the current price of the token appears to be underperforming, and there is a question of whether the tokenomics are reflecting the success of the platform.
Also Read: Why Ondo’s Price Is Falling While Its RWA TVL Hits Record $2.5B
ONDO Faces Strong Bearish Pressure
Analysis from TradingView as of January 29 indicates that the token is under heavy selling pressure. The token is currently trading at $0.31, having fallen from $1.00 in the past few months.
The token price is below all the key levels of the Ichimoku indicator, including the Tenkan-sen, Kijun-sen, and the Kumo line. If the price rises, it may encounter resistance at $0.38-$0.54.
Momentum indicators are weak. The 14-day RSI remains between 33 and 38, just above oversold levels. This is a sign that selling pressure may be abating, but as long as the RSI remains below 50, the bearish trend remains in control.
Source: Tradingview
The MACD remains below the zero line, but the decreasing size of the red bars in the histogram indicates that the momentum is slowing down, and a base formation may be underway.
Key Support and Outlook
The $0.30-$0.31 level is a strong support zone for ONDO. Several attempts have been made for the price to stay at this level, which is a sign of relief.
If this support zone is maintained, a short-term rebound might see the price move towards the $0.36-$0.40 resistance zone. If the price breaks below $0.30, it might fall further.
Also Read: Can Ondo Bounce to $0.47 After Hitting Critical $0.34 Support?
