Ondo Finance soared more than 11% on Tuesday to a new all-time high of $1.79. ONDO's daily trading volume reached a yearly high of $994 million, suggesting increased trader interest and liquidity. Ondo's open interest data is also rising, indicating that new or additional funds are flowing into the market and new purchases are occurring.
Ondo (ONDO) extended its gains, rising over 11% on Tuesday to hit an all-time high (ATH) of $1.79. On-chain metrics further support the bullish outlook for Real World Assets (RWA) tokens, with daily trading volume and open interest (OI) reaching record levels, pushing the psychologically important level of $2. This shows that the target continues to rise.
ONDO has reached an all-time high of $1.79, and will soon reach the $2 level
Ondo prices soared more than 20% last week and extended Monday's gains by 16% earlier this week. As of Tuesday, the upward momentum continued, breaking through the all-time high (ATH) of $1.48 and hitting a new high of $1.79.
If ONDO continues its upward momentum, the rally could extend until it reaches the psychologically important level of $2.
The Relative Strength Index (RSI) on the daily chart is at 85, indicating overbought conditions and suggesting the risk of a correction is increasing. A breakout of the RSI from overbought territory could signal a pullback.
ONDO/USDT daily chart
Digging deeper into on-chain metrics further supports ONDO’s bullish outlook. ONDO futures OI on the exchange rose from $182.89 million on Saturday to $295.33 million on Tuesday, reaching its highest level since its launch, according to Coinglass data. An increase in OI represents new or additional funds flowing into the market and new purchases being made, indicating a rise in Ondo prices ahead.
ONDO open interest chart. Source: Coin Glass
Another aspect supporting the bullish outlook for the platform is the recent increase in trader interest and liquidity in Ondo Chain. ONDO's daily trading volume reached a yearly high of $994 million on Tuesday, according to DefiLlama data.
ONDO daily trading volume chart. Source: Defilama
