PAX Gold Surges as Kamino Launches Lending Market
PAX Gold (PAXG) has been making waves in the cryptocurrency market, and traders are wondering if it's time to take notice. The token is breaking out of its base formed in June and July, with a strong bullish momentum building fast.
A new lending market launched by Kamino, an official DeFi protocol on Solana, has added real utility to PAXG holders. They can now borrow and lend against their gold-backed tokens, giving them a reason to hold onto the asset rather than sell into the rally.
The price of PAXG is currently trading at $4,407.53, with a 24-hour change of +0.89%. The market capitalization stands at $1.92 billion, and the total supply is 436.55K $PAXG. If the price holds above $4,319.01 and clears the nearest resistance at $4,500.94, it could reach $4,761.20 and eventually $5,002.17.
However, if the price breaks below $4,319.01, it could slip back toward $4,179.39, exposing the deeper support at $3,982.27 and putting the current breakout in doubt.