While DeXe (DEXE) continues to garner attention after surging nearly 45% in recent months, on-chain activity has reached historic levels by many metrics. According to SantimentDaily Active Addresses rose to an all-time high of 298, highlighting the network’s strongest engagement since launch.
Network growth also increased to 86 new wallets; This is the highest figure since December 2020 and reflects renewed adoption by users. Whale activity strengthened along with retail participation, setting a new record with eighteen transactions over $100,000. These developments were consistent with DEXE’s prolonged rise, rather than appearing as isolated rises.
Additionally, reports have suggested that more tokens are leaving the exchange, reinforcing broader accumulation trends. As a result, network participation has increasingly matched price performance, reinforcing confidence that true ecosystem expansion supports continued progress.
Why were Binance’s top traders extremely short?
Despite DEXE’s continued strength, Binance’s top traders continued to position cautiously throughout the recent rally.
At the time of writing, CoinGlass analytics showed that only 24.62% of top trader accounts held long positions, while 75.38% held short positions. The imbalance left the Long/Short Ratio at just 0.33; This shows that professional investors have not fully embraced the ongoing rise.
However, DEXE continued to maintain high price levels despite the persistent bearish trend. Such divergence often reflected skepticism rather than immediate selling pressure because prices remained resilient as bearish bets accumulated.
If buyers continue to absorb this pressure, excessive short positioning could increase the likelihood of additional upside through forced short covering. However, sustained buying interest will need to outweigh renewed selling before sentiment changes decisively.
Can DEXE break the next resistance barrier?
DEXE After reclaiming the $19.77 level with a strong weekly candle, it approached a critical resistance near $24.61. TThe next major target was around $30, which represents the highest resistance seen on the weekly chart.
At the time of writing, the MACD continued to support a broader uptrend as both indicators climbed into positive territory while the MACD line remained above the signal line. Although the histogram narrowed slightly, bullish strength remained intact rather than reversing.
Therefore, buyers remained in control as long as DEXE defended the support near $19.77. Losing this level could reveal a deeper pullback towards $13.81. However, staying above the current support would keep the way open for another attempt towards the $24.61 barrier before any move towards $30 develops.
DEXE financing reflects bullish belief
OI Weighted Funding Rates remained positive throughout most of June, recovering from several weeks of negative readings earlier in the quarter. The last reading stood at 0.0059%, confirming that leveraged investors are still paying a premium to hedge long positions.
Positive funding alone did not guarantee greater gains. Still, this reflected confidence that buyers continue to support higher prices despite occasional fluctuations. Funding increases in early June also coincided with DEXE’s ongoing recovery, showing leveraged participation rising along with price.
As long as funding remains positive without reaching extreme levels, leveraged positioning is likely to continue supporting the prevailing trend rather than signaling sudden exhaustion.
Can registration network activity sustain DEXE’s rise?
Record on-chain participation strengthened the case behind DEXE’s rise as user activity, whale transactions, and network growth reached extraordinary levels.
While technical indicators continued to favor buyers, the price remained above key support. If DEXE breaks above $24.61 with sustained demand, the rise may extend towards the $30 resistance.
Final Summary
- Record user activity and continued whale trading fueled DEXE’s rise despite widespread short positioning.
- DEXE remained above major support, leaving the $24.6 resistance as the next major price test.
