The price of RIVER [RIVER] rose 17% to $5.71 in the last 24 hours as a surge in spot buying pushed trading volume up 68.05% to $29.41 million.
The rally showed signs of spot-driven demand, with data from Coinglass showing Open Interest (OI) expanding 23.41% to $92.26 million alongside the price increase. This indicates that new capital entered the market, rather than the rally being driven by short covering.
The OI-Weighted Funding Rate remained positive at approximately 0.034% at press time, confirming a strong bullish bias among derivatives traders who are paying a premium to hold long positions. However, this growing leverage introduces significant risk. On-chain data shows the Directional Movement Index (DMI) still has the -DI line above the +DI, a sign that sellers retain control of the broader trend.
The buildup of leveraged long positions creates a fragile market structure susceptible to a long squeeze if prices fail to maintain upward momentum. While the price has rebounded from a key accumulation zone, it faces significant overhead resistance at $11.52 and $25. The broader altcoin market remains hesitant, with the CoinDesk Altcoin Season Indicator at 39/100, reflecting investor preference for Bitcoin following a recent $290 million DeFi exploit on KelpDAO that has pressured tokens like etherfi (ETHFI) and jupiter (JUP).
This article is for informational purposes only and does not constitute investment advice.
