ONDO Price Lags as TVL Reaches $2.9B and Revenue Climbs: What's Next?

Ondo Finance reached a Total Value Locked (TVL) of $2.919 billion in early April 2026, a new all-time high. Annualized revenue from fees is estimated at $48.95 million. Despite this growth, the ONDO token price remains well below its peak. The token is trading around $0.27, down over 80% from its high of $2.14 according to LiveBitcoinNews.

The platform has also seen significant growth in tokenized equities. Ondo now holds a 58% to 60% market share in this space. TVL in tokenized equities grew by 27% in just one month. Analysts are beginning to question why the token price has not reflected this performance.

A new development is the launch of Stockcoin.ai’s beta platform. It integrates Ondo’s tokenized equities and ETFs. The platform aims to provide non-US investors with easier access to tokenized stocks. This has coincided with a 3.19% rise in ONDO’s price in the last 24 hours.

Why Is There a Disconnect Between TVL and ONDO Price?

Ondo’s TVL of $2.919 billion and its strong showing in tokenized equities suggest strong underlying fundamentals. The protocol’s market cap is around $1.31 billion, yielding an MC/TVL ratio of 0.45. This ratio is considered rare among top-tier DeFi protocols. Despite these metrics, the ONDO token price remains significantly below its peak.

Analysts have pointed to potential structural issues in the market. The low MC/TVL ratio suggests the token is underpriced relative to its TVL. This has led some to question whether the market is not valuing Ondo correctly.

How Is the Partnership With Franklin Templeton Impacting the Market?

Franklin Templeton has partnered with Ondo to tokenize five ETFs. These include products covering equities, commodities, and gold. The tokenized funds will allow investors to trade outside traditional market hours through blockchain infrastructure.

This initiative is expanding access to traditional investment vehicles in decentralized ecosystems. Ondo’s Global Markets platform dominates the tokenized equities sector with a 60% market share. The initial rollout is targeting international markets, including Europe, Asia-Pacific, the Middle East, and Latin America.

The partnership appears to be having a positive effect on ONDO’s price. The token rose nearly 6% in the 24 hours following the announcement. This suggests growing investor confidence in the platform and its expansion into new markets.

What Are Analysts Watching for Next?

Technical analysts are monitoring price action for signs of a trend reversal. Ondo’s price has shown a 3% increase and is approaching a descending resistance trendline near the 50-day EMA at $0.2767. A close above this level could confirm a breakout and open the path toward $0.2968 and then $0.3360 according to FXStreet analysis.

The MACD line has turned positive and is above its signal line, indicating bullish momentum. The RSI stands at 57, which is still within a neutral range, showing growing but not overextended bullish pressure. If this pattern continues, it could signal a potential price recovery.

However, a bearish close could reaffirm downside pressure. The price could drop to $0.2405, and then further to $0.2018. A drop below $0.20 would invalidate the current bullish trend. Investors should closely monitor these key levels.

In addition to technical indicators, market sentiment around tokenized assets and real-world assets (RWAs) will be crucial. The recent launch of Stockcoin.ai’s beta platform suggests growing demand for tokenized equities. This could drive further interest in ONDO and Ondo’s ecosystem.

Ondo has also benefited from its recent regulatory clearance. It closed an SEC investigation without charges, enhancing its credibility in the tokenized asset sector. This could attract more institutional and retail investors to the platform.