- OKX to burn 65.26M OKB, slashing supply by half and locking the total at 21 million tokens.
- X Layer combines low fees and Ethereum compatibility while making OKB its sole gas payment token.
- A decisive break under $100 risks further declines toward $86 or even the $73 support zone.
OKB, the utility token of crypto exchange OKX, has staged one of the most dramatic rallies — but its staying power is now under scrutiny. The surge began after OKX announced the burning of 65.26 million OKB, worth about $7.6 billion, in a single move on August 15.
The burn will erase more than half the circulating supply and permanently lock the total at 21 million tokens. This was paired with the debut of X Layer, OKX’s high-speed zkEVM network capable of processing 5,000 transactions per second.
With low fees and full Ethereum compatibility, X Layer designates OKB as its sole gas token, replacing OKTChain, whose assets are being automatically converted. The market response to this move was instant and explosive.
OKB rocketed from $47 to $142 in hours, as 24-hour trading volume spiked to $814 million. Large holders appeared to cash out near the peak, triggering a pullback. The token now trades between $100 and $110, with the latest price at $101.77 — still up over 125% on the week but 13% down from yesterday’s high.
Besides, the token’s market cap has slipped to $6.16 billion, while daily volume has dropped to $673.65 million and continues to fall — a sign that the rally’s momentum may be losing steam. Technical signals are split. The $100 mark could act as a pivotal support. Holding above it may invite another run toward the $142 high, while a break lower could deepen the correction.
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OKB’s argument regarding long-term growth is based on a powerful combination of scarcity and increased utility. However, this fast price momentum normally results in unstable retracements prior to a new trend being drawn. This raises the pressing question: Can this momentum truly endure over the long run?
OKB Price Analysis: Bulls and Bears Battle for Control
The weekly chart of OKB shows a breakout that not many tokens ever get to, an orderly exit out of a multi-year ascending channel caused by one of the largest token burns in crypto history. The action took prices to highs of $142 before profit-taking cut into the gains, leaving traders to determine whether it is just a pause or the beginning of a reversal.
The $73-67, an area that was once an impenetrable ceiling, is now holding as support in a textbook example of a support-resistance flip. Above that, the $100 area has become the next fighting ground. This level has extra weight to it as it coincides almost exactly with the 61.8% Fibonacci retracement level at the $99.76 price, an area that neither the bulls nor the bears are eager to lose.
Source: TradingView
On the other hand, momentum readings demand caution. The RSI sits deep in overbought territory at 83.64, a level that has historically preceded cooling phases for OKB. The MACD confirms bullish strength with a sharp upward cross, yet its steep incline hints that current momentum may be running too hot to sustain without consolidation.
If $100 holds, upside targets shift toward the 78.6% Fibonacci mark at $118.72, with a retest of the $142 high still on the table. A breakdown, however, could accelerate selling toward $86 or even $73.
On-chain metrics reveal for nearly a month, the 90-day Spot Taker CVD was dominated by steady sell-side pressure, with red bars marking each session from mid-July to early August.
Source: CryptoQuant
That trend came to an abrupt end on August 13, as a surge of aggressive taker buying came into the market, turning the chart into a giant green bar. This buy-side activity was in line with the explosive price breakout of OKB, which means that spot market demand, not passive accumulation, was the propelling factor.
The OKB rally is at a crossroads. It has soared on a rare combination of severe supply reductions, increased network utility, and a rapid market sentiment shift. The $100 price point is now the most critical battleground, with technical and on-chain indicators suggesting that there will be a looming battle between bulls and bears.
A steady grip may open the doors to further advance to record highs, whereas a break may lead to a further decline. As the token is still riding high yet with volatility around the corner, the subsequent chapters of the token are going to be written in quick steps, and any movement will be followed keenly throughout the market.
