The OKB token, native to the OKX exchange, has recorded an exceptional increase of 160% in a single day, reaching historic highs. This situation has raised questions about whether such momentum can be sustained.
Will Increased Exchange Inflows Lead to Sell-Offs?
Data insights from Nansen reveal a significant movement of 553,000 OKB tokens into various exchanges over the last 24 hours, amounting to approximately $58 million—an increase of 36%. This shift often precedes selling activities, especially after a sharp price increase.
In contrast, wealthier investors appear to behave differently. The premier 100 OKB wallets now collectively possess over 299.93 million tokens, reflecting a 25% growth in holdings recently. This ongoing accumulation suggests a strategy to mitigate sell-off pressures. However, experts advise that such purchases might predominantly reflect long-term plans.
What Are the Immediate Market Risks?
Analysis of the market identifies a key long position worth $1.1 million centered at the $92.6 price level, according to BingX’s liquidation map. Should the inflow trigger sales and depress the price, cascading liquidations could result.
This potential chain reaction may exacerbate market downturns if supported by descending trends. The recent rally has left minimal buffer zones between present prices and liquidation threats, intensifying the risk of quick corrections.
What Do Technical Indicators Say?
Daily volatility in OKB’s price has been notable, while weekly charts seem steadier. Despite an attempt to breach $142, current support stands firm at $102. Experts advise if this support fails, the unwinding of long positions between $106 and $102 could escalate.
Meanwhile, the Chaikin Money Flow (CMF) shows a declining trend relative to prior months, hinting at insufficient new capital influx despite peak prices. Observers argue that the rise is largely news-driven rather than rooted in market fundamentals.
If the $102 support persists, the next weekly chart supports lie around $90 and $78. A descent to these levels would indicate a rapid decline, yet breaking past $118 could reverse bearish trends, enabling a retest of the $142 threshold.
