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$OKB token price could be headed for a reversal following its 200% rally, as sentiment turns negative amid whale sell-offs.
- $OKB surged nearly 200% to an all-time high of $125.88 before retreating to $104.4 as sentiment turned bearish.
- Santiment data shows negative weighted sentiment and increased short positions.
- Fibonacci analysis highlights $81.96 as a key support level from current levels.
According to data from crypto.news, $OKB ($OKB), the native token of crypto exchange OKX, rallied nearly 200% to an all-time high of $125.88 yesterday, Aug. 13, with its market cap soaring to $7.4 billion at the time.
However, the token has since shed some of its gains and was trading at $104.4 as of press time. It will likely continue to see losses amid growing bearish sentiment in the market.
Data from Santiment shows that $OKB’s weighted sentiment has shifted further into negative territory following its recent gains, indicating that traders are increasingly expecting a potential pullback.
The weighted funding rate in its futures market has also turned negative, indicating that a growing number of traders are opening short positions in anticipation of a further dip in prices.
The backdrop also comes as whales appear to be offloading their $OKB holdings. Santiment data shows a sharp drop in the number of whale addresses holding between 10,000 and 100 million tokens following $OKB’s skyrocketing rally yesterday.
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Such a sell-off from whale investors could lead to further declines if it triggers panic selling among retail traders who often follow these deep-pocketed investors into or out of positions.
It is also common in the crypto market for early investors to sell off their holdings to lock in profits after a cryptocurrency reaches an all-time high. Such moves can accelerate a price decline for $OKB if they coincide with a broader market sell-off, especially since the overall crypto market remains close to its new peak and could face heightened volatility.
$OKB price analysis
On the daily chart, $OKB’s price has not established any distinct pattern, as its recent surge followed months of consolidation within the $34–$65 range since the beginning of the year.
The Relative Strength Index has formed a bearish divergence after entering the overbought zone at 95 and subsequently declining to 91. While this marks a slight pullback, the indicator remains in extremely overbought territory, still signaling elevated risk of a correction.
The Average Directional Index currently stands at 24, suggesting that a potential reversal trend is developing but not yet at full strength. A reading above 25 would confirm that the reversal is gaining momentum.
Fibonacci retracement analysis identifies the next significant support at $81.96, corresponding to the 38.2% level. A decisive break below this level could open the way for a deeper decline toward $44.20, a key long-term support zone.
Conversely, if buying pressure emerges and $OKB rebounds from $81.96, it could signal the start of another upward leg for the token.
The next few days will be critical in determining whether $OKB can stabilize at higher levels or see its gains unravel once the post-rally momentum fades.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.