OKB Token faces Potential Reversal Despite Record Gains
OKB, the native token of the OKX exchange, recently experienced a massive 200% price surge, reaching an all-time high of $125.88.Its market cap peaked at $7.4 billion. However, it has since retreated to around $104.4.
The market sentiment is now turning bearish. Santiment’s data reveals a negative weighted sentiment towards OKB, which suggests that more traders anticipate a price pullback. This shift is also confirmed by an increase in short positions in its futures market.
Large investors, known as whales, are also divesting OKB. Santiment reports a important decrease in whale addresses holding 10,000 to 100 million tokens. This move might prompt retail investors to sell, further pushing down the price.
Crypto.news highlights the price analysis of OKB. The token’s surge came after months of consolidation within the $34-$65 range. As the Relative strength Index entered overbought territory but later declined, it signals a possible correction ahead.
Fibonacci analysis points to $81.96 as the next support level. If OKB breaks below this point, it could drop further towards $44.20.However, if buying pressure prevails and OKB bounces back from $81.96, it could spark another upward movement.
Investors will closely watch OKB in the coming days to see if it stabilizes or loses its recent gains as the initial post-rally excitement subsides.
