The Conflux (CFX) price shocked the market with a 40% intraday surge, marking one of its most explosive breakouts in recent quarters. This rally wasn’t random—it was powered by a perfect storm of on-chain, technical, and ecosystem-driven catalysts. The most notable was a short squeeze, where a rapid upward price movement forced short-sellers to cover positions, leading to cascading liquidations across major exchanges. As a result, over $1 million in short positions was wiped out within hours.
This price action followed the Conflux Ecosystem Conference in Shanghai, where the team unveiled major upgrades planned for Conflux 3.0. These include a throughput boost to 15,000 TPS, plans for stablecoin trials, and real-world asset integration. Additionally, rumors of a yuan-backed offshore stablecoin tied to Belt and Road partnerships attracted fresh investor interest—especially from Chinese markets, where Conflux maintains a regulatory edge.
Together, these factors reignited attention on CFX, driving volume up 374% and flipping the sentiment bullish across spot and derivatives markets.
Derivatives and On-Chain Metrics Validate Rally Strength
CFX’s futures open interest exploded 109% in 24 hours, indicating fresh capital entering long trades. The long/short ratio now favors bulls, with funding rates flipping positive across Bybit, Binance, and OKX. Spot supply on exchanges also declined, confirming reduced sell-side pressure and increased holding behavior. On-chain data reveals a surge in active addresses and transactions, supporting the legitimacy of the breakout.
What’s Next for Conflux Price Action? Will it Reach $0.3?
Technically, CFX has completed a clean breakout above $0.10 resistance, supported by a massive spike in daily volume and a close above the 200-day EMA. The structure now shows a confirmed higher high with a bullish MACD crossover and RSI expansion—both suggesting continuation rather than exhaustion. Immediate support lies at $0.145, and if the price holds this level during consolidation, the bullish trend remains intact.
Using Fibonacci extensions from the $0.10–$0.18 breakout leg, the next major resistance targets lie at $0.21 and $0.235. Should the price hold above $0.18 on the weekly close, further continuation toward $0.28 is likely, where historical resistance from early 2023 exists. However, failure to sustain above $0.145 may result in a corrective pullback toward the $0.12 range before resuming upward momentum.
However, the placement of the Moving Average 50 & 200 suggests the actual bull run is yet to begin. The MAs are heading towards a bullish crossover, also called a Golden Cross, which usually uplifts the price above the pivotal resistance levels. Besides, the RSI has entered the overbought zone and is expected to remain within the range that could keep up the bullish momentum of the rally. With this, the price is expected to secure 1 FIB at $0.2736, the December 2024 highs, surpassing which $0.3 could be imminent.
