Kaia price continued its strong rally on Friday, June 20, reaching its highest level since Jan. 26 and marking a 123% gain from its lowest level this year.
Kaia (KAIA) rose by 18%, hitting a high of $0.20 and bringing its market capitalization to over $1.2 billion. Its 24-hour volume jumped 40% to $136 million, while its futures open interest climbed to a record high of $63 million.
Kaia has been in the spotlight after integrating Tether (USDT) on its blockchain. The developers also pledged to support a South Korean won stablecoin on the chain.
The rally accelerated on June 20 after Kaia unveiled phase 2 of the $100,000 Kaia and Kaito Yapper Rewards. Yapper Rewards is part of the network’s growth strategy, in which developers encourage users to post about it on social media.
Kaia rewards users who post quality content that generates meaningful interactions such as likes, replies, and shares from reputable accounts. Unlike in the first phase, the second phase will reward even yappers not in the top 100.
Kaia price also jumped after the network joined the Japan Blockchain Association. In a statement, the developers said joining the association signals a commitment to the Japanese market, where Kaia is scaling through mini-applications on Line.
Meanwhile, third-party data shows that Kaia’s network is growing, with total value locked rising 47% in the last 30 days to $121 million. Its stablecoin supply rose to over $41 million, higher than Cardano (ADA) $41 million.
Kaia price technical analysis
The daily chart shows that the Kaia token bottomed at $0.0950 in March before moving sideways. This consolidation was likely part of the accumulation phase of the Wyckoff Theory.
Kaia price then jumped as it entered the markup phase, characterized by higher demand than supply. It has broken above the key resistance level at $0.1795, its highest point on June 12. Kaia also rose above the 23.6% Fibonacci retracement level at $0.1725 and the 50-day Exponential Moving Average.
Therefore, the token will likely continue rising as bulls target the 50% Fibonacci retracement level at $0.2587, which is about 35% above the current level. A drop below the support at $0.15 would invalidate the bullish view.