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.
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.
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.
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.
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.
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