DeFi dark horse MYX surges 90% in a single day, V2 upgrade expectations become the catalyst

MYX Finance has recently experienced a explosive surge, with the largest increase approaching 90%, making it the standout project in the current DeFi market. The core driver of this rally stems from market expectations for the upcoming V2 version, especially the critical feature of launching the perpetual contract market instantly. According to the latest news, MYX is currently priced at $6.52, with a 24-hour trading volume of $162.12 million, and a market capitalization of $164 million, ranking 47th in the cryptocurrency leaderboard.

Why the V2 Upgrade Resonates with the Market

The launch of the perpetual contract market is highly significant for MYX Finance. This is not just a functional enhancement but also a matter of platform competitiveness. In the DeFi space, perpetual contract trading has become one of the largest segments by trading volume. Offering this feature means MYX has the opportunity to upgrade from a pure trading protocol to a comprehensive trading platform. Market expectations for this upgrade reflect investors’ recognition of the platform’s long-term growth potential, rather than mere short-term speculation.

On-Chain Data Shows Genuine Support for the Rise

From a technical perspective, this rally is not baseless. The On-Balance Volume (OBV) indicator shows that before the price accelerated, OBV had been steadily rising for several days, indicating continuous capital inflow rather than short-term spike and retreat. This pattern of accumulation followed by explosion is generally viewed as a healthier upward trend.

More importantly, volume and price are expanding in tandem. The 24-hour trading volume increased by over 1000% compared to the previous day, indicating investors are willing to participate at higher prices rather than quickly taking profits and exiting. This behavior reflects confidence in MYX’s long-term growth logic.

Technical Outlook Still Has Upside but Risks Must Be Recognized

MYX’s Relative Strength Index (RSI) has risen above 70, entering the traditional overbought zone. This often triggers concerns of a short-term correction, but recent quick news suggests that MYX has historically maintained high RSI levels for extended periods during strong narrative phases, even recording multiple-fold gains while in a sustained overbought state. This indicates that a single technical indicator is insufficient to negate the current trend.

Price-wise, MYX has broken out of a rising channel that lasted over two months and has surpassed the $7 mark. If the $7 level can be converted into a solid support, technically, there is room for further upward movement.

Risks Should Not Be Ignored

However, risks also exist. According to related reports, MYX surged 78% in three days before falling back 27%, indicating profit-taking pressure in the market. Some long-term holders may seize the opportunity to realize gains, and if selling pressure intensifies, the price could face a correction.

Additionally, the RSI remaining in overbought territory for an extended period suggests limited upside potential, and the sustainability of market participation needs to be monitored. Before the functionality is fully implemented, sentiment-driven volatility may intensify.

Summary

MYX Finance’s recent rally is driven by expectations, with the V2 upgrade and the launch of the perpetual contract feature representing significant platform progress. On-chain data and volume trends indicate that the rise is supported by genuine buying interest rather than mere emotional speculation. However, the overbought RSI and historical profit-taking patterns serve as warnings for investors to remain cautious of short-term risks. The key going forward is whether the features can be launched on schedule and how the market responds to the new functionalities, which will determine if MYX can sustain its current upward momentum.