MYX Finance surges 68% despite weak on-chain metrics – Here’s how
The post MYX Finance surges 68% despite weak on-chain metrics – Here’s how appeared on BitcoinEthereumNews.com.
MYX Finance [MYX] recorded one of its strongest daily gains, surging 68%, at press time, as broader market conditions adjusted to renewed capital inflows. The sharp price move, however, contrasts with weak on-chain performance across key protocol metrics. The long-term outlook for the rally remains uncertain due to underperforming segments of the protocol. AMBCrypto examines the factors driving MYX’s recent surge and what they imply for price sustainability. Perpetual trading lifts the price Growing activity in the perpetual market appears to be the clearest driver behind MYX’s recent price gains. Perpetual trading volume for MYX has increased sharply, signaling heightened speculative interest. Data from DeFiLlama shows that total perpetual Market Volume rose noticeably, crossing slightly above $250 million, as of writing. A closer look at the source of this activity indicates that decentralized exchange PancakeSwap V3 contributed significantly to the surge, accounting for roughly $13 million in volume over the past day, according to CoinMarketCap. Source: CoinMarketCap Open Interest, which measures the amount of capital locked in perpetual contracts, also doubled during the period, rising above $55 million. This growth in deployed capital, combined with funding rates remaining positive, supported the strong upward price move recorded over the past 24 hours. MYX enters overbought territory Technical indicators suggest that MYX may now be overbought following the rally. An overbought condition typically signals that the price has moved beyond its fair value and may face corrective pressure. One of the clearest signals comes from the Bollinger Bands, as the price pushed above the upper band marked in red. Historically, moves beyond this level often precede short-term pullbacks, a pattern that could repeat in the current setup. Source: TradingView The Accumulation/Distribution indicator also shows that sellers continue to dominate overall volume despite the rally. At the time of writing, the A/D remained…
Filed under: News - @ January 4, 2026 5:16 am