The OKB token, serving the OKX exchange, has shown significant gains recently, reaching a price record.
Strong Price Action and Trading Volume
OKB has posted a sharp gain of 88% over the past week and 51% in the last 24 hours. The token reached a new high of $196 before slightly dropping to $193. Trading volume surged to $7.74 billion in the last 24 hours, reflecting a significant increase from previous levels.
What Pushed OKB to a New All-Time High?
OKX completed the migration of the OKB token to its new chain, X Layer. As of August 21, 90% of OKB tokens had been moved, part of a plan to bring all tokens under one network with a fixed supply of 21 million. Additionally, the permanent removal of 65.26 million OKB from circulation was confirmed, leading to a 93% reduction in circulating supply.
Technical Levels and Chart Structure
Price data from the daily chart shows that OKB remains in an upward trend with the current trading range from $167 to $195. Support levels are located near $150 to $155, and $125 to $100, while resistance nears $195, with attention now turned to $200 and $250 levels. The RSI is at 92, indicating the asset is in an overbought zone.
The sharp price increase of OKB is attributed to rising market activation and heightened interest across social platforms. The combination of fixed supply, token migration, and increased user activity keeps the market's focus on OKB.
