OKB’s rally has not slowed down. After the initial surge last week, the token continued climbing and set a new all-time high above $250 yesterday. This marks a gain of more than 300% in just over a week.
Today, however, the market has taken a breather. OKB slipped back to around $190, down more than 10% on the day, even as the broader crypto market is trending higher. Bitcoin gained about 4% and Ethereum rose over 13% after U.S. Federal Reserve Chair Jerome Powell signaled that rate cuts are now more likely.
Technical Picture Suggests Profit Taking
Indicators show signs of the rally entering a profit-taking phase, and given the scale of the gains, some degree of pullback is not unexpected. The Relative Strength Index (RSI) remains in overbought territory despite the recent dip, while the Stochastic RSI is above 85, another signal of stretched momentum. Moving averages still sit below the current price, reflecting how steep the climb has been.
Supply Cut Keeps Long-Term Outlook Strong
Even with volatility around new highs, a return to pre-surge levels near $46 is unlikely. The decisive factor behind the rally is the sharp cut to supply. Following the recent burn of 65 million tokens, the total supply of OKB is now fixed at 21 million.
With fewer tokens in circulation, scarcity is set to play a larger role in OKB’s long-term valuation. While short-term swings are part of the market cycle, the fundamentals supporting the price remain significantly stronger than before the burn.
