MYX Finance Skyrockets 90%, Here’s What Caused The Rally

Core Insights - MYX Finance experienced a significant price surge of nearly 87% within 24 hours, driven by anticipation surrounding the upcoming MYX Finance V2 upgrade [1][8] - The rally appears to be supported by genuine demand, as indicated by the On-Balance Volume (OBV) which showed a sharp increase alongside the price, reflecting sustained accumulation prior to the breakout [2][4] Price Movement - The price of MYX reached approximately $6.12, briefly surpassing the $7.00 mark, a level not seen in about three months, indicating renewed market interest [8] - The breakout from an ascending channel pattern that had persisted for over two months suggests a significant shift in market dynamics for MYX [8] Market Sentiment and Indicators - The alignment between MYX price and OBV signals a healthier rally, with capital inflows supporting the price movement rather than leading to abrupt reversals [3] - Despite the Relative Strength Index (RSI) indicating overbought conditions (above 70.0), historical data shows that MYX has previously sustained strong rallies even while overbought, suggesting that current momentum may continue [5][6][7] Volume and Engagement - Sustained volume expansion indicates a lower likelihood of immediate exhaustion, with buyers showing willingness to transact at higher price levels, reinforcing confidence in MYX Finance's growth narrative [4] - The gradual buildup of demand reflects increasing conviction among buyers, which is crucial for the continuation of the rally [2]