Ondo Finance has reclaimed a $3 billion market capitalization following a strong rally partly fueled by a recent meeting with the U.S. Securities and Exchange Commission.
According to crypto.news price tracker, the protocol’s market capitalization has reached $3.16 billion, marking the first time it has crossed the $3 billion level since Mar. 8. As of this writing, Ondo (ONDO) is trading at about $1.01, up 16% from the previous day. The 24-hour trading volume has surged by 147% to over $600 million, pointing to the rising interest in the project.
The price increase coincided with reports that Ondo Finance’s team met with the SEC to present a plan for tokenizing U.S. financial assets. As reported by crypto.news on Apr. 24, the firm’s leadership team joined legal representatives from Davis Polk & Wardwell to discuss how traditional financial regulations might apply to tokenized securities.
The meeting also covered important subjects like legal registration, broker-dealer regulations, and market supervision. The team suggested possible sandbox initiatives or regulatory exemptions to encourage innovation while protecting investors. The news appears to have had a positive impact on the market.
With significant volume, ONDO has now surpassed the $1.00 mark, and the price action is trending above important short- and mid-term moving averages. Rising demand is indicated by the relative strength index, which is currently at 65. Other indicators, such as momentum and moving averages, suggest a short-term uptrend, and the moving average convergence/divergence is in bullish territory.
But not every indicator is in agreement. A more cautious stance is still reflected in longer-term moving averages, particularly the 200-day trendlines. If momentum holds, ONDO could continue to rise as it is still 53% below its peak of $2.14.
