Kadena experiences a remarkable 52% surge with a twofold increase in open interest.
The native token of Kadena, a proof-of-work ecosystem, has experienced significant gains. Within the past 24 hours, KDA has risen by 52% and is currently being traded at $1.43. The market cap of the asset currently stands at $368 million, making it the 141st largest cryptocurrency. Additionally, Kadena’s daily trading volume has seen a 985% increase, reaching $175 million.
Santiment, a market intelligence platform, has reported that Kadena’s social volume has surged by 1,400% in the past day. The majority of this social activity is occurring on platforms such as X and Telegram. Moreover, Santiment’s data shows that Kadena’s total open interest has doubled from $1.1 million to $2.2 million in the same time period.
Santiment also reveals that long-position holders currently dominate KDA on all exchanges. The total funding rates aggregated by Kadena currently stand at 0.07%. However, Kadena’s Relative Strength Index (RSI) has increased from 62 to nearly 76 in just 24 hours. This could indicate an upcoming selling pressure on the asset, as a cooldown may be necessary.
Considering the majority of KDA investors are expecting a price increase while the RSI suggests a negative outcome, there may be a short-term price decline. Investors should be aware of this potential development.
