Why ONDO price stays weak even as TVL hits $1.93B record

Ondo Finance recorded a new all-time high in Total Value Locked after its announcement on the 15th of December. The firm said it would launch tokenized U.S. stocks and ETFs on Solana in early 2026.

The move extended Ondo’s Global Markets platform beyond Ethereum and BNB Chain. It positioned Solana as the next settlement layer for Ondo’s tokenized finance push.

However, market reaction across Ondo [ONDO] and Solana remained mixed in subsequent sessions. Both assets pulled back shortly after the announcement, diverging from improving protocol metrics.

TVL surged as the price stalled

ONDO’s TVL continued rising to an ATH of $1.93 billion even as the price slipped back into the $0.36–$0.39 trading range. The steady increase suggested capital remained deployed at the protocol level during consolidation.

Liquidity did not immediately exit following the high-profile announcement.

However, technical indicators failed to confirm bullish price momentum. ONDO’s RSI hovered near 34 on the daily chart. The reading reflected persistent bearish momentum following the pullback. 

Did rising TVL signal accumulation, or was the market still pricing broader bearish risk?

Momentum stayed under pressure

ONDO dropped below the $0.40 level, briefly reaching $0.36 during the post-announcement decline.

RSI showed tentative stabilization but lacked confirmation of a sustained reversal.

ONDO’s MACD remained below the zero line, signaling continued downside pressure. Local resistance stood near $0.50, while downside risk extended toward $0.25 in a worst-case scenario.

That left price action disconnected from improving fundamentals.

Solana held key support

On the 15th of December, the same day as Ondo’s announcement, Solana [SOL] briefly broke below $122, dipping to around $117 before buyers stepped in, keeping the price within the $122–$145 range.

On the four-hour chart, RSI was near 52, and weak MACD reflected neutral momentum and consolidation, consistent with accumulation rather than a breakout.

During the same session, Solana recorded $35.20 million in ETF inflows. That figure marked the highest inflow of the week and the second-highest daily total in December.

Capital entered despite price weakness, suggesting accumulation during heightened volatility.

Is ONDO consolidating or repricing lower?

ONDO’s rising TVL contrasted sharply with bearish RSI and MACD readings. The setup suggested accumulation without immediate price confirmation. Market participants appeared cautious.

Whether the price stabilized or was repriced lower remained uncertain. Gaining the local resistance level could signal improving momentum, while failure could extend the ongoing consolidation.

Final Thoughts

• Ondo’s TVL growth showed capital conviction even as price momentum lagged behind.
• That disconnect suggested investors favored long-term positioning over immediate upside.