Key Takeaways:
Conflux (CFX) rose 11% in 24 hours to trade above $0.07, a move driven by a technical breakout from a two-month range and a surge in network activity that saw daily transactions spike 2.5x.
The breakout was confirmed by a retest of the $0.07 level, with the price subsequently trading above its 100-day Exponential Moving Average, according to data from TradingView. On-chain, DefiLlama data shows the stablecoin market cap on Conflux has grown from just over $2,000 to $5.24 million in less than three weeks.
The rally saw CFX's daily trading volume exceed $75 million and its market cap near $400 million. Network activity metrics fueled the move, with daily transactions jumping from 11,634 to 28,198 and app revenue growing nearly sixfold to $138 in two days, per Confluxscan data. The number of new users also grew from 29 to 118 in May.
While the technical breakout and on-chain growth suggest bullish momentum, the price is experiencing a minor pullback from its peak around $0.08. For the rally to be sustained, bulls will need to defend the $0.07 support level, which corresponds to the previous range high.
This article is for informational purposes only and does not constitute investment advice.
