DeXe [DEXE] continued attracting attention after climbing nearly 45% over the past months, while on-chain activity reached historic levels across multiple metrics. According to Santiment, Daily Active Addresses surged to an all-time high of 298, highlighting the network’s strongest participation since launch.
Network growth also climbed to 86 new wallets, marking its highest reading since December 2020 and reflecting renewed user adoption. Whale activity strengthened alongside retail participation, with eighteen transactions above $100,000 establishing another record. These developments aligned with DEXE’s prolonged rally instead of appearing as isolated spikes.
In addition, reports suggested more tokens had left exchanges, reinforcing broader accumulation trends. As a result, network participation increasingly matched price performance, strengthening confidence that genuine ecosystem expansion had supported the ongoing advance.
Why did Binance’s top traders remain heavily short?
Despite DEXE’s sustained strength, Binance’s top traders continued positioning cautiously throughout the latest advance.
At press time, CoinGlass analytics showed only 24.62% of top trader accounts held long positions, while 75.38% maintained short exposure. The imbalance left the Long/Short Ratio at just 0.33, illustrating that professional traders had not fully embraced the ongoing rally.
However, DEXE continued holding elevated price levels despite persistent bearish positioning. Such divergence often reflected skepticism rather than immediate selling pressure because price remained resilient while bearish bets accumulated.
If buyers continue absorbing that pressure, heavily short positioning could increase the likelihood of additional upside through forced short covering. Nevertheless, sustained buying interest would still need to outweigh renewed selling before sentiment shifted decisively.
Can DEXE clear its next resistance barrier?
DEXE approached a critical resistance near $24.61 after reclaiming the $19.77 level with a powerful weekly candle. The next major objective stood near $30, which represented the highest resistance visible on the weekly chart.
At the time of writing, the MACD continued supporting the broader uptrend because the MACD line remained above the signal line while both indicators climbed further into positive territory. Although the histogram slightly narrowed, bullish strength remained intact rather than reversing.
Therefore, buyers retained control as long as DEXE defended support around $19.77. Losing that level could expose a deeper pullback toward $13.81. However, holding above current support would keep the path open for another attempt at the $24.61 barrier before any move toward $30 could develop.
DEXE funding reflects bullish conviction
OI-Weighted Funding Rates remained positive throughout most of June after recovering from several weeks of negative readings earlier in the quarter. The latest reading stood at 0.0059%, confirming that leveraged traders still paid a premium to maintain long positions.
Positive funding alone did not guarantee further gains. Even so, it reflected confidence that buyers continued supporting higher prices despite occasional volatility. Funding spikes earlier in June also coincided with DEXE’s continued recovery, showing that leveraged participation had expanded alongside price.
As long as funding remained positive without reaching excessive levels, leveraged positioning would likely continue supporting the prevailing trend instead of signaling immediate exhaustion.
Can record network activity sustain DEXE’s rally?
Record on-chain participation strengthened the case behind DEXE’s rally because user activity, whale transactions, and network growth all reached exceptional levels.
Price also held above key support while technical indicators continued favoring buyers. If DEXE breaks above $24.61 with sustained demand, the rally could extend toward the $30 resistance.
Final Summary
- Record user activity and whale transactions continued, reinforcing DEXE’s rally despite widespread short positioning.
- DEXE held above key support, leaving the $24.6 resistance as the next major price test.
