Kaspa (KAS) Surges 15% Amid Crypto Market Resurgence

Kaspa (KAS) has made a significant comeback, surging 15% from its two-year low. This rebound comes amidst a broader resurgence in crypto market activity, indicating renewed investor confidence. The price increase is supported by a corresponding uptick in trading volume, which totaled $189 million during the review period, rising by over 95%. This surge in volume suggests strong market participation and increased investor interest, confirming that KAS’ price increase is backed by real demand rather than speculative trades.

The coin’s rising open interest further reflects this trend. At the time of reporting, open interest stood at $64 million, climbing 7% over the past day. Open interest refers to the total number of outstanding derivative contracts that have not been settled. As it climbs, it suggests increased market participation and fresh capital entering KAS positions. This signals growing confidence in the asset’s price trend and hints at a sustained uptrend if it continues.

Moreover, the coin’s funding rate has flipped from negative to positive, highlighting the bullish shift in sentiment toward KAS. At the time of reporting, this stood at 0.0013%. The funding rate is the periodic fee exchanged between long and short traders in perpetual futures contracts to keep the contract price aligned with the spot price. When its value is positive, it means long traders are paying short traders. This trend indicates that the market sentiment is bullish, and traders are willing to pay a premium to maintain their long positions.

KAS currently trades at $0.066, bouncing off the support formed at $0.065. If this price zone is established as a strong support floor, KAS could continue its uptrend and potentially reach $0.081 in the near term. However, if selling pressure gains momentum, KAS could shed its recent gains and fall below the $0.065 support toward $0.049. The future direction of KAS will depend on whether it can maintain its current support level or face increased selling pressure.