Kaspa Surges 32% in Two Weeks Post Network Upgrade

Kaspa ($KAS), a cryptocurrency operating on a Proof-of-Work (PoW) consensus mechanism similar to Bitcoin, has experienced a significant 32% surge in value over the past two weeks, recovering from losses incurred in the first quarter. This rally has drawn renewed attention from its community, despite a minor 2.6% dip in the past 24 hours.

According to the Crypto Community Sentiment indicator from CoinMarketCap, Kaspa ranks as the fourth most bullish cryptocurrency among the top 100, with over 93% of users expressing positive sentiment. This sentiment surpasses that of other well-known tokens such as Pi Coin, $XRP, and $ONDO.

The surge in Kaspa's value coincides with a marked increase in network activity, particularly after the rollout of the Crescendo KIP-10 upgrade. This upgrade significantly improved the network’s performance by increasing block production from 1 to 10 blocks per second. The daily transaction volume on the Kaspa network sharply increased, reaching nearly 700,000 transactions in a single day, up from around 100,000 daily transactions just days before the surge.

Whale activity has also shown signs of stabilization. Since May 12, immediately after the Crescendo update, one wallet has accumulated 60 million $KAS tokens through consistent inflows from the KuCoin exchange. This has prompted many crypto “HODLers” in the Kaspa community to believe that buying $KAS now is like buying Ethereum at $40 back in 2017, with anything under $3 per Kaspa seen as a bargain.

The number of long-term holders continues to rise. Over the last three months, the number of addresses in the top 25% of $KAS holders has increased by around 6,000, reaching approximately 179,000. This indicates a growing confidence in the long-term potential of Kaspa.

Kaspa ($KAS/$USDT) is showing signs of a potential bullish reversal following a prolonged downtrend that began in late 2024. The asset is currently trading at $0.1112 and is attempting to break through a key resistance zone formed by the Fibonacci fan levels. A potential double bottom pattern is visible on the chart, formed by two rounded lows in March and April near $0.065. After breaking above the neckline at around $0.085, the token has gained strength and is challenging multiple resistance levels.

A decisive move beyond the grey and orange fans around the $0.115–$0.12 level could open the door for a further rally toward $0.14 and potentially $0.16 if the momentum continues. Supporting the bullish outlook, the MACD indicator has crossed into positive territory. The MACD line (blue) is above the indicator line (orange), while the histogram prints green bars, suggesting a continuation of upward momentum. This crossover occurred after a bullish divergence formed during the April lows, further reinforcing a shift in sentiment.