Real-World Asset Tokenization Coin Ondo Finance (ONDO) Rallies 10% After Larry Fink Pressured SEC to Approve Tokenized Stocks and Bonds

Ondo Finance (ONDO) jumped after Larry Fink pressed the Securities and Exchange Commission to approve tokenized stocks and bonds.

Ondo Finance (CRYPTO: ONDO) rose Friday by double digits, making it one of the market's top gainers.

Ondo Finance (CRYPTO: ONDO) surged higher following comments from Larry Fink, who urged the Securities and Exchange Commission to approve tokenized stocks and bonds. The statement from the head of the world's largest asset manager, which has $10.7 trillion in assets under management, brought further attention to the tokenization space.

BlackRock has been heavily involved in the tokenization space through its BUIDL product, which has more than $640 million in assets. Ondo Finance is a partner in BUIDL for its Short-Term U.S. Government Treasuries product, which has more than $189 million in assets.

Ondo summit anticipation helps fuel rally: The rally in ONDO also comes as anticipation builds for the upcoming Ondo Summit, the platform's first event that will be focused on tokenization and how it's disrupting the financial services industry.

The summit, which is scheduled for Feb. 6, will feature speakers from major financial institutions, including BNY Mellon, BlackRock, Fidelity, Franklin Templeton, WisdomTree and Pantera. It will also include representation from the Commodity Futures Trading Commission.

There has been speculation about potential partnerships and announcements that could be made at the summit, which is also boosting optimism and helping fuel investor expectations for strong performance in ONDO both leading up to and during the event.

Ondo price technicals hint at further gains: Looking at the technicals for Ondo, the token peaked at $2.15 in December before pulling back to a low of $1.0950. The price has formed a falling wedge pattern, with the upper trendline connecting the highest swings since Dec. 16 and the lower trendline connecting the lowest levels since November. As these lines converge, ONDO has made a bullish breakout from the pattern.

Ondo has also retested the key resistance level at $1.4850, which is the upper side of a cup and handle pattern, another bullish sign. It has formed a small inverse head and shoulders chart pattern.

Based on these technical patterns, ONDO is likely to continue rallying higher, with the next key target coming in at $2.1430, which would represent an additional 45% gain from current levels. Bearish traders would like to see the price drop below $1.0950 to invalidate the bullish outlook.