The native token of Ondo Finance, ONDO, touched a new all-time high (ATH) as the market showed signs of a quick recovery.

In the last 24 hours, ONDO has soared by 39%, hitting $0.70 in trading and peaking at a record high of $0.77 around 01:30 UTC on March 21. This remarkable rally has propelled ONDO into the top 100 cryptocurrencies list, boasting a total market cap of $974 million.

Notably, whale activity in the ONDO ecosystem has surged, with the number of transactions involving at least $100,000 worth of ONDO rising from 68 to 91 within the same timeframe. Such heightened whale engagement typically signals increased price volatility.

Despite the surge in trading activity, data from Santiment reveals a decrease in ONDO's supply across all exchanges, dropping from 536.64 million to 529.60 million tokens since March 18. This movement suggests that some investors may be anticipating further price gains rather than engaging in short-term profit-taking.

Additionally, ONDO's Relative Strength Index (RSI) has climbed from 50 to 59 over the past day. While this indicates a slight overheating of the asset, it also raises concerns about the possibility of whale-driven price manipulation.

In January, Ondo Finance expanded its real-world assets (RWA) tokenization operations into the Asia Pacific region. With a 40% market share, the company enables international investors to access U.S. asset classes through tokenization, solidifying its position in the growing market of asset-backed cryptocurrencies.