Despite prevailing bearish sentiment across the crypto market, the native token of the Nervos Network, CKB, has soared to its highest price level in three years, showcasing remarkable resilience.

CKB has surged by an impressive 13.2% over the past 24 hours, reaching a trading price of $0.035 at the time of this report. This price level, last witnessed in March 2021, underscores the notable bullish momentum behind the asset. The surge has propelled CKB's market capitalization to $1.55 billion, solidifying its position as the 69th-largest cryptocurrency by market cap.

Analysis provided by Santiment reveals that CKB's total open interest (OI) has dipped by 6.8% over the past day, sliding from $70.17 million to $65.38 million. This decline in open interest suggests a potential decrease in price volatility for CKB, signaling a degree of stabilization in its trading activity.

Furthermore, data indicates a significant uptick in the total funding rate aggregated by CKB, rising from 0.011% to 0.019% within the same 24-hour period. This surge in the funding rate indicates a prevailing sentiment among traders, who are increasingly betting on further price rallies for CKB as it continues to hit milestones like its three-year high.

However, this surge in price also brings with it the possibility of increased liquidation of short positions should CKB witness another substantial surge in value.

Santiment's data also highlights a notable rise in CKB's Relative Strength Index (RSI), climbing from 69 to 73 over the past day. This uptick suggests that the asset is currently slightly overbought at its current price level, indicating a potential for profit-taking activity among traders.

For CKB to maintain its bullish momentum, its RSI would ideally need to retreat below the 60 mark, signaling a healthier balance between buying and selling pressures.

In summary, despite the prevailing bearish sentiment in the broader crypto market, CKB's remarkable surge to a three-year high demonstrates its resilience and the growing confidence among investors in its potential for further growth. However, caution remains advised as the asset navigates potential profit-taking and market corrections amidst its upward trajectory.