edgeX [EDGE] climbed to a local high after rallying 12% over the past 24 hours.
Bullish sentiment remained strong across the market. Community sentiment data showed that roughly 95% of 5,300 voters expected further upside.
Are traders still betting on more upside?
Capital continued flowing into edgeX’s perpetual market, reinforcing the bullish outlook. At press time, traders had added $3.1 million in fresh positions, pushing Open Interest to $18.9 million.
Funding Rate data also remained positive. CoinGlass recorded the metric at 0.0245%, suggesting most leveraged traders continued positioning for gains.
However, the Funding Rate remained relatively moderate, indicating speculation had not yet reached extreme levels. That left traders focused on whether fresh capital would continue entering the market.
Can EDGE break above resistance?
Chart data showed edgeX trading at a key resistance zone. The level also aligned with a supply area within its ascending channel. Price reacted lower after testing the zone, with sellers regaining short-term control.
Even so, a breakout above resistance could open the path toward $0.48.
Sustained buying momentum could then push the altcoin to $0.51. A stronger rally may extend gains toward $0.58.
The Bull Bear Power indicator supported this scenario. It printed a third consecutive green bar, suggesting buying strength continued building.
Why are holders leaving the market?
Despite the rally, holder data painted a more cautious picture.
The number of holders declined from 22,570 to 18,150 over the past month. The drop suggested investors continued reducing exposure rather than accumulating.
On top of that, Spot Netflow data showed persistent selling pressure.
Netflows over the past 24 hours, three days, and five days reached $127,800, $157,400, and $16,020, respectively, indicating capital continued leaving the market. Continued outflows could limit EDGE’s upside potential, especially if buying demand begins to weaken.
