KAVA crypto price has been on fire for the past few weeks. The native asset of the KAVA blockchain has surged by 130% in the past 16 days. This makes it one of the best-performing digital assets during this time, as it outperformed most of the top cryptocurrencies.
Crypto markets turned red on Wednesday as BTC price dropped to fresh weekly lows. This led to a sell-off in altcoins. Till press time, KAVA price was trading at 1.126 after losing 4.66% of its value during today’s trading session.
Why Is KAVA Price Surging?
KAVA is a decentralized blockchain that combines the best features of the Cosmos and Ethereum ecosystem. KAVA crypto is the native asset of the layer 1 protocol, which trades against other crypto assets on exchanges. Since the start of the year, KAVA has been performing very well.
While the exact cause of the surge is still unknown, but the fundamentals of KAVA look quite promising. The L1 blockchain currently holds a total locked value (TVL) of $232 million. This shows that a lot of users have locked their funds on the KAVA blockchain. However, the surge in KAVA crypto price is much more than the TVL increase.
KAVA Crypto Price Hits 7-Month High
The latest surge took the KAVA price to $1.55, which has been its highest level since November 2022. The following chart shows that the price rally is not that surprising as the price attempted to break out of the range highs but failed.
KAVA crypto price prediction will flip extremely bullish if it reclaims the range high of $1.14. This may send the price to $1.61, which is the next major resistance on the daily chart. However, another rejection from the range high may result in another retest of the $0.955 level, which is the range mid.
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