$OKB has continued its bullish run, rising 6% this week to surpass $127 in a historic rally that’s left traders stunned. This isn’t just another pump—we’re witnessing one of crypto’s most dramatic supply shocks unfold in real time.
This rally is a direct result of the protocol’s measures and major platform upgrades that have fundamentally transformed the token’s value proposition. The real question isn’t just what drove the explosion but whether $OKB can maintain this new altitude.
How a Historic Token Burn and L2 Announcement Ignited $OKB Rally
The OKB token, with a market capitalization of approximately $2.66 billion, was designed as the core utility token for the OKX ecosystem. Its value is derived from providing holders with benefits, including trading fee discounts, staking rewards, and governance rights.
August has been a productive month for the token and its native platform.
Earlier this month, $OKB saw its role evolve beyond exchange perks to now function as the native gas token for X Layer, OKX’s zkEVM-powered Ethereum Layer‑2, delivering around 5,000 TPS, near-zero fees, and full Ethereum compatibility.
Thereafter, the exchange executed a major token burn, permanently removing approximately 65.26 million OKB from its reserves, removing them from circulation. This event formally established a hard, immutable supply cap of 21 million tokens.
A subsequent smart contract upgrade disabled any future minting or burning capabilities, cementing the token’s scarcity model. These changes spurred a surge of 160–170%, with OKB briefly reaching highs above $130.
According to Etherscan, the on-chain ecosystem has roughly 17,900 holders, with the top 10 addresses controlling about 67% of the supply.
Additionally, OKX began phasing out OKTChain, stopping OKT trading as of August 13, initiating automatic conversions of OKT to OKB based on the July 13–August 12 average price, and planning full decommissioning by January 1, 2026.
OKB Faces Rejection at $130, Consolidates Above High-Volume Support
Following the price rally, $OKB is now consolidating. This pause is important as it helps the market absorb its new price level and build a stronger base for its next potential move.
After setting a historic high last week, the $OKB token encountered firm resistance near $130.
Observing the order flow dynamics and volume activity, one could see the clear shift, particularly visible on the 1-hour chart.
Buy-side interest was initially strong, as reflected in several large footprint clusters just above $126.
One of the breakout candles showed over 100K in total volume, though it closed with a negative delta of -21.41K, indicating that profit-taking emerged to meet the buying pressure at this new high.
Prior to that, volume bars leading up to the rejection were also filled with aggressive buying, but began showing signs of exhaustion as selling pressure absorbed the momentum. The delta footprint steadily tilted red, confirming that a period of consolidation had begun.
While OKB briefly lost its upward momentum after pushing into the $128–$130 region, the broader market structure still leans bullish. The rejection from the top of the breakout range has so far led to a measured pullback, not a collapse.
The asset’s price continues to trade above all major moving averages on the 1-hour chart, including the 20, 50, and 100-period SMAs, which continue to trend upward. The 20-SMA near $122 is particularly key, as it now aligns with the high-volume support area where recent consolidations have taken place.
At press time, OKB is holding just above the $123 mark, hovering near the upper boundary of a high-volume liquidity band centered around $120–$122. This area has repeatedly absorbed selling pressure in recent sessions, suggesting that it remains a key battleground between buyers and sellers. Yet price action alone won’t be enough going forward.
To regain directional control, bulls must show renewed initiative, ideally marked by a pick-up in aggressive buying and a shift in cumulative delta favoring demand.
Given the powerful fundamental tailwinds from the token burn and X Layer launch, this key support zone is likely to be fiercely defended by long-term believers.
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