Ondo, a popular real-world asset tokenization coin, rose more than 10% on Friday, making it one of the top-gaining coins on the market.
Ondo Finance (ONDO) soared after Larry Fink pressed the Securities and Exchange Commission to approve tokenized stocks and bonds. This statement, coming from the head of the world's largest asset management company with over $10.7 trillion in assets under management, further sparked interest in the tokenization space.
BlackRock is actively involved in the tokenization industry through its BUIDL product, which currently has over $640 million in assets. Ondo Finance partners with BUIDL on short-term U.S. Treasury products with over $189 million in assets under management.
ONDO’s recent rally comes amid growing anticipation for the upcoming Ondo Summit, the platform’s first event focused on tokenization and the disruption it is causing in the financial services industry.
The summit, scheduled for February 6, will include speakers from prominent financial institutions including BNY Mellon, BlackRock, Fidelity, Franklin Templeton, WisdomTree, and Pantera. Representatives from the Commodity Futures Trading Commission will also be in attendance, further increasing the significance of the event.
Speculation about potential partnerships and announcements at the summit has fueled optimism, with investors expecting Ondo to perform well before and during the event.
The token price rebound also comes a week after the network unlocked over 2.5 billion ONDO tokens. The next unlock is scheduled for January 18, 2026.
Ondo price technicals suggest further upside
From a technical perspective, Ondo hit a high of $2.15 in December and then fell to a low of $1.0950. Prices have since formed a downward wedge pattern, with the upper trend line connecting the highest price since December 16th and the lower trend line connecting the lowest price since November. As these lines converged, ONDO made a bullish breakout.
Ondo retested the key resistance level at $1.4850, which is the upper side of the cup and handle pattern, another bullish sign. It is forming a small inverted head and shoulders chart pattern.
Based on these technical patterns, ONDO is likely to continue its upward trajectory, with the next major target set at $2.1430, representing a 45% upside from current levels. However, this bullish outlook will be invalidated if the price falls below the support level at $1.0950.
