- KAVA price jumped more than 40% despite the overall market lull, reaching highs of $1.56 on Binance.
- While there was no clear trigger for the surge, Kava has had a few major developments in recent weeks.
- KAVA currently trades around $1.17 and is in danger of giving up all the gains if profit taking deals intensify.
The price of KAVA is up about 9% in the past 24 hours as at 9:30 am ET on Tuesday, 23 May. The KAVA/USD pair is trading around $1.16 amid increasing pressure from profit takers.
But before the current sell-off pressure, the price of the Cosmos zone token had rallied more than 40% to hit its highest level since November 2022.
Kava price sliding after rally to multi-month high
The price of KAVA rose to $1.56 on leading cryptocurrency exchange Binance, with the token spiking 44% from lows of $1.08. The token’s value was up nearly 63% in the past 30 days.
Kava price jumped more than 40% on Tuesday morning as shown in this chart. Source: TradingView
Kava is a highly scalable Layer-1 blockchain that combines the speed and interoperability of Cosmos and the developer power of the Ethereum Virtual Machine (EVM). There was no apparent trigger for the huge move today. However, here’s why the token’s value might have…
