Why Is ONDO Price Rising?

ONDO price has surged nearly 40% today gaining strong attention from the investors. Notably, the recent surge of the altcoin has also helped it to reach its new all-time high in the last 24 hours, sparking optimism in the market. However, the current rally has also sparked discussions over the potential reasons behind the push, while many are seeking clarity on whether the rally is likely to continue ahead.

Why Is the ONDO Price Rising Today?

The ONDO price has noted a strong rally today, sparking market optimism amid a positive sentiment hovering in the broader crypto market. Notably, the broader crypto market, along with Bitcoin and top altcoins has surged recently, indicating a strong confidence of the traders.

Amid this, a renowned crypto market influencer, known as Grey BTC on X, recently said that the retail interest in ONDO is soaring significantly. In a recent social media post, the influencer highlighted that Upbit has been accumulating ONDO over the last five months to become the largest holder.

In addition, Grey BTC noted that Upbit now holds more tokens than “initial VCs”, which includes Pantera, Coinbase, and others. Considering all these, the influencer said that “there’s a clear race for accumulating ONDO”, indicating strong institutional interest in the crypto. Besides, he also predicts the crypto to hit the $15 mark by next year, further fueling market optimism.

Meanwhile, another reason for the recent surge could be the speculations over ONDO spot listing in Binance. It’s worth noting that ONDO Futures is already trading on Binance, one of the top crypto exchanges, which has sparked discussions in the market. Considering that, the social media users are speculating about a potential ONDO Spot listing on the exchange.

Price Hits ATH Amid Positive Market Sentiment

ONDO price has surged more than 39% today, and exchanged hands at $1.66, while its one-day trading volume skyrocketed 304% to $834.10 million. Notably, the crypto has touched a 24-hour high of $1.78, marking its new ATH. Furthermore, CoinGlass data showed that ONDO Futures Open Interest rose nearly 50% to $297.84, indicating that the investors are shifting their focus towards the asset.

However, the investors should also stay cautious as the technical charts provide a warning for the asset. For context, the relative strength index (RSI) of the asset was at 85, indicating it is in an overbought condition.

Meanwhile, despite the warning, many market experts remain optimistic about the token, given the rising popularity of the top RWA tokens. For context, crypto market expert Kyren stated

By now it’s no secret that RWA Tokenization will be one of the biggest trends for this cycle.
And where’s one of the first places people are looking for RWAs? None other than Ondo Finance.