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Why is RWA token ONDO rallying?

Ondo Finance surges more than 11% on Tuesday and reaches a new all-time high of $1.79.
ONDO’s daily trading volume reached a new yearly high of $994 million, suggesting a surge in traders’ interest and liquidity.
Ondo’s open interest data is also rising, representing new or additional money entering the market and new buying happening.

Ondo (ONDO) extends its gains, rallying more than 11% on Tuesday and reaching a new all-time high (ATH) of $1.79. On-chain metrics further support the Real World Asset (RWA) token’s bullish outlook, as its daily trading volume and open interest (OI) reach record levels, indicating the continuation of the rally, targeting its psychologically important level of $2.

ONDO reaches a new all-time high of $1.79, eyes $2 mark

Ondo price surged more than 20% the previous week, and at the start of this week, it extended the rally by 16% on Monday. As of Tuesday, it continues its upward momentum, breaking above its all-time high (ATH) of $1.48 and setting a new high of $1.79.

If ONDO continues its upward momentum, it could extend the rally to reach its psychologically important level of $2.

The Relative Strength Index (RSI) on the daily chart reads 85, signaling overbought conditions and suggesting an increasing risk of a correction. The RSI’s move out of overbought territory could signify a pullback.

ONDO/USDT daily chart

Delving deeper into the on-chain metrics further supports ONDO’s bullish outlook. Coinglass’s data shows that the futures’ OI in ONDO at exchanges rose from $182.89 million on Saturday to $295.33 million on Tuesday, reaching the highest level since its launch. An increasing OI represents new or additional money entering the market and new buying, which suggests a rally ahead in the Ondo price.

ONDO Open Interest chart. Source: Coinglass

Another aspect bolstering the platform’s bullish outlook is a recent surge in traders’ interest and liquidity in the Ondo chain. DefiLlama data shows that ONDO’s daily trading volume reached the highest yearly volume of $994 million on Tuesday.