OKB price rose for four consecutive days and is slowly nearing the highest level on record. The token was trading at $225, a few points below the all-time high of $250. This surge, which happened in a high-volume environment, brought its market cap to almost $5 billion.
Why the OKB Price is Soaring
The OKB price has done well in the past few months after OKX, one of the top crypto exchanges, announced a major token burn. It incinerated 65 million tokens and capped the supply at 21 million, mirroring that of Bitcoin.
Another notable development is that OKX has removed smart contract and burning features from the OKB Chain. In another major development, the X Layer will now serve as the native gas token for the upgraded zkEVM chain, which has over 5,000 transactions per second.
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OKB price surged after the burning development and then stalled as investors booked profits. It has increased this month due to the ongoing BNB price surge, which has pushed it above $1,100.
Binance Coin’s surge has led to a corresponding increase among other centralized exchange tokens, including HTX’s HT, BitMart’s BMX, and Bitget’s BGB. Cronos token has also jumped lately.
The OKB Coin price has also soared due to the ongoing crypto market rally, which has pushed most coins upwards. Bitcoin has jumped to almost an all-time high, while the market capitalization of all coins has jumped to over $4.2 trillion.
OKB Coin Price Technical Analysis
Technicals have also contributed to the ongoing OKB price rally. The rally is partly because the coin recently formed a highly positive bullish flag pattern. This pattern consists of a vertical line and a horizontal or descending channel.
OKB Coin has remained above all moving averages and moved to the overshoot of the Murrey Math Lines tool. Therefore, the most likely OKB price forecast is bullish, with the next point to watch being at $300.
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