OKB price rallied sharply on Aug. 21, climbing more than 55% in a single day to trade near $200.
Summary
- OKB rallied toward $200, with strong bullish momentum but stretched technicals.
- Indicators show overbought conditions, with Bollinger Bands wide and RSI elevated.
- Key support rests at $150–$160, while $200 remains the main resistance to clear.
OKX (OKB) price climbed to a new all-time high near $197, driven by anticipation of OKX’s migration to its native X Layer blockchain and a major token supply revamp.
Spot market activity surged alongside derivatives. Over the last 24 hours, OKB trading volume hit $7.15 billion, up 2,532% day over day. Derivatives activity also exploded. Futures volume rose 356% to $180 million and open interest climbed 239% to $15.9 million, as per Coinglass data.
This points to fresh leverage entering the market and the potential for larger intraday swings if momentum snaps.
Why OKB token is ripping?
Analytics platform LunarCrush confirmed on Aug. 21 that about 90% of OKB has already transitioned to X Layer, part of OKX’s plan to unify the ecosystem under “one token, one chain,” with a fixed supply of 21 million OKB.
Together with the transition, the exchange recently disclosed a one-time burn of 65.26 million OKB, removing buyback reserves and past inventory to hard-cap supply at 21 million. This approach mirrors Bitcoin’s (BTC) scarcity model.
The migration is more than cosmetic. A recent upgrade on X Layer reportedly boosted throughput to roughly 5,000 transactions per second, reduced gas fees to nearly zero, and strengthened compatibility with Ethereum (ETH). Since OKB is now the chain’s only gas token, more activity on the chain will inevitably result in a greater demand for the asset.
OKX has also announced that its legacy OKTChain will be retired by January 2026, with OKT tokens being converted to OKB. This move, combined with deeper integration of OKB into OKX Wallet, Exchange, and Pay, positions the token at the center of the company’s ecosystem.
The exchange is also rolling out new incentives for decentralized finance and real-world asset projects to build on X Layer, further anchoring OKB’s role.
OKB technical analysis
On the daily chart, OKB is in a strong uptrend following a vertical breakout from the $90–$100 area. Price is well above all key moving averages confirming trend strength. MACD is positive and rising, and Momentum (10) prints a strong buy.
Bollinger Bands are wide, with price pressing against the upper band, a sign of aggressive bullish sentiment but also potential overextension. Although it confirms strong momentum, the relative strength index’s position in the overbought zone raises the possibility of short-term pullbacks.
If price momentum persists, a firm reclaim and hold above $190–$200 could open room for further upside. A shakeout toward prior breakout zones is plausible. First supports sit near $172–$175, then $150–$155, with deeper declines eyeing the $120–$130 range.
Source: https://crypto.news/okb-price-all-time-high-okx-token-migration-x-layer/