The native token of Ondo Finance, ONDO, touched a new all-time high (ATH) as the market showed signs of a quick recovery.
ONDO is up by 39% in the past 24 hours and is trading at $0.70 at the time of writing. Notably, the asset reached a new ATH of $0.77 at around 01:30 UTC on March 21. ONDO’s price rally brought the token to the top 100 cryptos list with a total market cap of $974 million.
According to data provided by Santiment, the number of whale transactions consisting of at least $100,000 worth of ONDO increased from 68 to 91 unique transactions over the past 24 hours. The heightened whale activity usually indicates high price volatility.
However, data shows that the ONDO supply on all exchanges has dropped from 536.64 million to 529.60 million tokens since March 18, per Santiment. This movement shows that some investors might be looking for a further price surge rather than short-term profit-taking.
Per data from the market intelligence platform, ONDO’s Relative Strength Index (RSI) rose from 50 to 59 over the past day. The indicator shows that the asset is slightly overheated at the moment and there is also the possibility of whale price manipulation.
In January Ondo Finance expanded its real-world assets (RWA) tokenization operations into the Asia Pacific region. The company allows international investors to utilize U.S. asset classes through tokenization and has a 40% market share.
