The OKB token, native to the OKX exchange platform, is soaring to historic highs despite a gloomy overall market. With a 26% increase, traders' enthusiasm appears unwavering. Let's delve into the figures and outlook of this surge.
While the broader crypto market suffers from current economic turbulence, the OKB token, the cornerstone of the OKX ecosystem, has climbed to the top of today’s biggest gainers. With a remarkable increase of nearly 26%, the token has reached new all-time highs, confirming investor appetite for this asset.
This resistance against the general market downturn demonstrates solid spot demand for OKB, reinforced by increased activity in the derivatives market, as revealed by on-chain data.
Coinglass figures prove it: Open interest on OKB futures contracts has climbed to a record level, exceeding $23 million, representing an increase of more than 100% in just 24 hours. This surge reflects massive trader participation in the derivatives market, convinced of the token’s upside potential.
Open interest, which measures the total value of outstanding contracts, is a key indicator of investor commitment. When it increases during a bullish phase, it means new capital is flowing in to support the trend, rather than simple position rotations. This influx of leveraged bets fuels price momentum, with bullish traders anticipating further gains.
Thus, the escalation in OKB’s open interest, combined with its new records, reflects growing confidence in the continuation of the upward movement.
This optimistic view is reinforced by the evolution of OKB’s funding rate, which is now positive. According to Coinglass data, this rate stands at 0.0732%, shifting from a negative value recorded the previous day. This reversal indicates a change in market sentiment, with OKB holders now willing to pay a premium to maintain their long positions in hopes of future gains.
With this bullish momentum, OKB could target new highs beyond its previous record of $257.57. However, intensified profit-taking could also push it back toward $210.57. The coming sessions will be crucial for the token’s evolution.
This influx of long positions could also trigger a cascade of liquidations if the market reverses. On lower timeframes, OKB has broken its uptrend line to the downside. If it fails to maintain above $230 today, OKB is likely to return to its southern liquidity zone at approximately $140, representing a potential 40% drop. Caution is therefore warranted as market tension increases the risk of these massive liquidations.
Despite challenging market conditions, the OKB token stands out as a safe haven, displaying a spectacular surge against the trend. This remarkable resistance reflects growing trader confidence in both spot and derivatives markets. With new records in sight and strengthening bullish sentiment, OKB seems well-positioned to continue its ascent. However, late long positions could be targeted and liquidated soon.
OKB maintains a clear bullish momentum in the medium term. A short-term correction would therefore be an opportunity to accumulate for the coming months.
A retest at $140 could offer 2x gains in case of a rebound up to the next target of $300. Here’s how to easily obtain the token on Bybit:
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Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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