Kadena Could Retest its $25 All-Time High Price Soon

Kadena has been one of the top performers in the market in recent days, thanks to blockchain’s entry into the decentralized finance (DeFi) and nonfungible token (NFT) sectors.

KDA Rallies by 37% Today

The cryptocurrency market has recovered from the slight dip experienced earlier today, with Bitcoin and other cryptocurrencies trading in the green zone now. BTC is up by less than 1% over the past 24 hours but is currently trading close to its all-time high price of $68,641.

Kadena (KDA) remains one of the top performers amongst the top 100 by market cap. At press time, Kadena is up by 38% over the past 24 hours and is above $22 per coin. KDA is currently down by roughly 10% from the all-time high of $25.34 it attained three days ago.

KDA’s recent rally was fueled by the blockchain’s entry into the DeFi and NFT spaces. Last week, KDA launched a wrapped version of its token called wKDA. The wrapped version of the token operates on the Ethereum blockchain, allowing it to interact with all Ethereum Virtual Machine-compatible decentralized finance (DeFi) protocols.

Furthermore, the Kadena blockchain is now playing host to some NFT projects. The KDA blockchain is now NFT compatible, and some projects are already launching on the ecosystem. The UFO team revealed that it would build an NFT gaming platform on the Kadena blockchain.

KDA to Retest $25 Soon

KDAs is currently more than 10% down from the all-time high of $25.34 it attained during the weekend. However, the cryptocurrency’s recent rally shows that it could retest the all-time high and set a new one in the coming days.

Over the past week, KDA’s price has surged by more than 300%, outperforming numerous cryptocurrencies in the market. If it continues with its current momentum, then KDA could rally higher over the coming hours.

KDA is looking to test the $23.9 resistance level. Surpassing the resistance level would allow the cryptocurrency to move towards the $25 and possibly set a new all-time high over the coming hours or days.