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.
The other notable development is that OKX 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 now jumped this month because of the ongoing BNB price surge that has pushed it above $1,100.
Binance Coin’s jump has led to a jump among other centralized exchange tokens, including HTX’s HT, BitMart’s BMX, and Bitget’s BGB. Cronos token has also jumped lately.
OKB Coin price has also soared because of the ongoing crypto market rally that 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 the highly positive bullish flag pattern. This pattern is made up 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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