Ondo Finance (ONDO) Hit New All-Time High: What’s Behind the Explosive Price Rally?

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Ondo Finance (ONDO) surged over 11% today, reaching a new all-time high of $1.79. The token’s daily trading volume hit a yearly high of $994 million, signaling increased trader interest and liquidity. Plus, rising open interest indicates more capital is entering the market, fueling new buying activity. This explosive rally has investors buzzing with excitement, driven by institutional activity, market rumors, and broader optimism in the crypto space.

Big Money Moving into ONDO

One of the key reasons for ONDO’s rise is significant institutional interest. Crypto influencer Grey BTC recently pointed out that Upbit, a major crypto exchange, has been steadily accumulating ONDO for the past five months. Upbit now holds more ONDO than early investors like Pantera Capital and Coinbase Ventures.

This large-scale accumulation signals strong confidence in the token’s potential and has sparked what Grey BTC calls a “clear race” to acquire ONDO. Adding to the hype, the influencer predicted that ONDO could hit $15 by 2025, further boosting investor confidence.

Rumors of a Binance Spot Listing

Speculation is another major factor. ONDO Futures are already available on Binance, one of the largest crypto exchanges. Now, investors are speculating about the possibility of a spot listing on Binance. If true, this could make ONDO more accessible to everyday traders, increasing demand and potentially driving its price even higher.

Market Metrics Back the Rally 

The numbers tell an exciting story. ONDO’s trading volume surged by over 300% to $834 million, and Open Interest in ONDO Futures jumped 50% to $297 million. These metrics show that more investors are getting involved, adding momentum to the rally. However, there’s a note of caution. ONDO’s Relative Strength Index (RSI) has reached 85, meaning the token is in overbought territory. This could lead to a short-term price pullback.

On the flip side, on November 28, ONDO’s Exchange Netflow turned negative, indicating more ONDO tokens are being withdrawn from exchanges than deposited. This movement suggests a supply squeeze is forming, as approximately $4.10 million worth of ONDO has been moved to private wallets over the past week. This reduced availability of ONDO on exchanges, combined with rising demand, could be contributing to the price spike.

Why RWA Tokens Are a Big Deal?

Beyond the current rally, as per Phoenix Group, a leading on-chain analytics platform, four cryptocurrencies—OM, PENDLE, ONDO, and POLYX—are currently dominating the Real-World Asset (RWA) market. Moreover, these projects are showing strong weekly trading volumes, reflecting robust activity and notable price fluctuations. Phoenix Group highlights the resilience of these tokens in the market, with ONDO notably benefiting from growing investor interest and tightening supply.