The native token of the proof-of-work ecosystem Kadena, KDA, has registered massive gains. The asset’s open interest (OI) rallied while the Relative Strength Index (RSI) shows the possibility of an incoming price drop.
KDA is up by 52% in the past 24 hours and is trading at $1.43 at the time of writing. The asset’s market cap currently stands at $368 million, making it the 141st-largest crypto asset. Kadena’s daily trading volume also recorded a 985% rally and hit $175 million.
According to data provided by the market intelligence platform Santiment, the price surge comes as Kadena’s social volume recorded a 1,400% rise over the past day.
Data shows that the majority of the social activity comes from X and Telegram.
Moreover, the total OI in Kadena, per Santiment, also doubled over the past day — rising from $1.1 million to $2.2 million.
According to the market intelligence platform, long-position holders are currently dominating KDA on all exchanges until further movements. The total funding rates aggregated by Kadena currently stand at 0.07%, per Santiment.
On the other hand, Kadena’s Relative Strength Index (RSI) surged from 62 to almost 76 in just 24 hours, according to Santiment. This could show an incoming selling pressure executed on the asset as a cooldown might be necessary.
There could be a short-term price decline since the majority of the KDA investors are betting for a price rise while the RSI shows a negative outcome.
Source: https://crypto.news/kadena-surges-52-open-interest-doubled/