Kaia price rallies as DeFi assets, open interest gains steam

Kaia price continued its recent rally on Monday, June 23, as demand rose amid encouraging inflows into its decentralized finance applications.

Kaia (KAIA) surged to a high of $0.1895, up 85% from its lowest level this year. It is now hovering near its highest point since January, giving it a market capitalization of over $1.15 billion.

Kaia price has jumped because of the rising assets into its DeFi applications. Its total value locked jumped 20% over the past seven days and 45% in the last 30 days, reaching $117.8 million.

This growth coincided with a surge in most dApps in the Kaia ecosystem, including Neopin, Lair Finance, KlaySwap, and DragonSwap, which saw their assets jump over 40% in the last 30 days. Notably, this uptick came as TVL on major chains like Ethereum (ETH) and Solana (SOL) dived. 

Kaia’s stablecoin supply also rose to over $41 million, with Tether (USDT) accounting for 60% of that total. USDT’s rapid growth on Kaia is notable, given its integration only began in May. 

The token has also gained momentum after Kaia’s developers joined the Japan Blockchain Association, becoming the first layer-1 blockchain to do so.

In a statement, the team said that joining the association reflects its commitment to the Japanese market, where it is promoting real-world adoption through Mini dApps on the Line Network.

Meanwhile, spot market data shows growing demand for Kaia. According to CoinMarketCap’s data. daily trading volume rose 45% to $124 million. At the same time, futures open interest peaked at a record $62 million.

Kaia price technical analysis

The daily chart shows that Kaia has bounced strongly over the past few weeks, rising from a low of $0.0900 in April to $0.1883 today. The token recently broke above key resistance at $0.1295, its highest point on May 13.

Kaia has also moved above both the 50-day and 25-day Exponential Moving Averages. The Relative Strength Index and MACD indicators have continued to trend higher.

Therefore, the price will likely continue rising as bulls target the psychological resistance at $0.25. A drop below the support level at $0.1500 would invalidate the bullish outlook.