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While the broader cryptocurrency market is under pressure, $MYX Finance ($MYX) is moving in the opposite direction. The token jumped more than 13% in the last 24 hours, trading near $3.45, even as Bitcoin, Ethereum, and most altcoins slipped lower.
At a time when overall market sentiment remains weak, $MYX’s strong price action has turned heads.
Strong Derivatives Activity Supports $MYX
One of the main reasons behind $MYX’s rise is growing activity in the derivatives market. Open interest in $MYX futures increased by 8.48% to $45.63 million, showing that traders are actively opening new positions rather than exiting.
At the same time, the long-to-short ratio climbed to 1.79, with over 64% of traders betting on higher prices. This shows bullish sentiment is building, even while the wider crypto market remains cautious.
Rising Volume Signals Fresh Buying
$MYX also saw a sharp increase in trading activity. Daily trading volume jumped more than 41% to $76.95 million, a sign that new buyers are entering the market rather than price moving on low liquidity.
The project’s market capitalization now stands near $869.6 million, hinting at renewed interest despite the ongoing market downturn.
V2 Upgrade Buzz Lifts Sentiment
Another catalyst is anticipation around $MYX Finance’s upcoming V2 upgrade. On December 1, the team teased improvements that include portfolio margin features and better cross-chain functionality.
Traders often price in big upgrades ahead of launch, especially when they could improve capital efficiency and attract more users to the platform.
Technical Structure Remains Bullish
From a technical perspective, $MYX is showing strength. The price recently bounced from the so-called “golden zone” near $3.33.
Analysts say $MYX has been respecting a bullish market structure, with the next upside target sitting around $3.90 if momentum continues.