Ondo (ONDO) Price Hits New All-Time High Fueled by Increased Whales’ On-chain Activity

Ondo (ONDO), the native governance token for the Ondo DAO and Flux Finance, has registered palpable gains in the past few days. According to the latest market data provided through Coingecko, ONDO price reached an all-time high (ATH) of around 77 cents on Thursday during the early London session. 

Having entered the price discovery phase, the ONDO token could continue in a bullish outlook since it does not have major resistance. Moreover, the mid-cap altcoin, with a fully diluted valuation of about $7.5 billion has seen its daily average trading volume spiked over 60 percent in the past 24 hours to about $432 million.

Closer Look at Ondo’s On-chain Activity

According to on-chain data analytics firm Santiment, Ondo whale transactions of more than $100,000 experienced an uptick from 68 to 91 unique cases in the past 24 hours. The spike in Ondo’s whale activity has coincided with a notable decline in the token’s exchange supply. Whereby, ONDO supply on all exchanges dropped from 536.64 million to 529.6 million in the last 24 hours. 

Ideally, the notable spike in Ondo’s whale activity amid declining exchange supply is an indication of the underlying bullish outlook.

ONDO Price Expectations and Market Check

The rise of ONDO price to new ATH has been attributed to the announcement that BlackRock has tapped the Ethereum network to enable real-world asset (RWA) tokenization. Although the announcement is not directly related, it is an indication more institutional investors will tap on Ondo for RWA in the near term future.

As a result, it is safe to assume that ONDO price will continue in a bullish outlook in the coming months. Moreover, Ondo’s daily Relative Strength Index (RSI) has spiked above the 70 level, which is an indication the bulls are in control.