- Kaspa smart contracts go live, sparking major investor interest surge.
- KAS breaks resistance as traders eye $0.13 target next.
- Technicals confirm momentum with strong RSI and rising capital inflow.
Kaspa’s native token, KAS, has soared nearly 40 percent over the past week, breaking through key resistance levels and drawing increased attention from traders. The sharp rise comes just weeks before a significant milestone, with smart contract functionality set to launch on August 31.
On July 21, the Kaspa team officially announced that smart contracts will be launched through the Casplex Layer 2 solution. This upgrade will enable developers to develop their decentralized applications on the Kaspa network.
Consequently, applications involving DeFi protocols, NFT platforms, and other on-chain building tools will become feasible inside the Kaspa ecosystem.
The move is a significant milestone for Kaspa, which is powered using a Proof-of-Work consensus system and GHOSTDAG protocol. Other competitors, such as Ethereum and Avalanche, depend on various frameworks, but Kaspa aspires to excel in high scalability and offer secure and decentralized infrastructure.
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KAS Charts Bullish Pattern as Traders Eye Further Upside
The recent rally pushed KAS above the $0.10 psychological level for the first time in months, reaching a high of $0.1153. On the daily chart, the token is testing the upper boundary of a symmetrical wedge pattern that has been forming since late last year. A successful breakout above the $0.117 resistance could open the path to further upside targets, including $0.13 and $0.16.
Technical indicators support the bullish momentum, with the Relative Strength Index at 79.56, reflecting strong upward pressure, though indicating the asset is currently overbought. However, in a powerful trend, RSI values will remain high without any significant correction.
Source: Tradingview
In the meantime, the Chaikin Money Flow has surged to +0.17, signifying a robust capital inflow in KAS. This indicates that investors are strategising before the integration of the smart contract.
Kaspa’s market performance also became potent before it introduced smart contracts. With technical indicators aligning and investor interest climbing, the network appears poised for increased activity and further upside in the weeks to come.
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