edgeX [EDGE] remained under pressure as its post-TGE price discovery continued despite the project’s transition to the StarkEx V2 architecture. The token traded at $0.3756 at press time after falling 19.3% over the past 24 hours.
Market capitalization had also dropped 20.09% to $131.47 million, while trading volume had declined 51.79% to $31.74 million.
Those figures showed that traders reduced activity instead of chasing lower prices.
However, the ongoing infrastructure upgrade reflected a broader shift beyond a simple product update.
The move from StarkEx V1 positioned edgeX toward a more independent derivatives infrastructure with stronger self-custody and higher performance.
Even so, the market continued valuing the token cautiously as participants searched for a sustainable post-launch price.
Why did leveraged traders reduce exposure?
Derivatives traders reduced their exposure throughout the latest decline, reinforcing the weakening participation across the market.
Open Interest dropped 25.79% to $20.96 million, indicating that traders closed positions instead of introducing fresh leverage during the sell-off. That behavior reflected declining speculative conviction rather than aggressive positioning in either direction.
Besides, the sharp fall in trading volume supported the same narrative because fewer participants actively entered new positions.
The combined contraction across spot activity and derivatives suggested that many traders preferred waiting for stronger confirmation before committing additional capital.
Although the decline reflected weaker confidence, it also showed that excessive leverage had gradually left the market, which could reduce liquidation pressure if buyers eventually return.
Can bulls defend the current support zone?
EDGE retested support after failing to sustain its recent rebound above $0.50, leaving buyers under renewed pressure.
Price pulled back toward $0.38, while $0.2950 continued serving as the nearest support level. A break beneath that area could expose $0.2330, whereas reclaiming $0.50 would place $0.7137 back into focus.
Despite the latest decline, the Parabolic SAR remained below the price, showing that the broader recovery structure had not fully broken down.
However, the MACD painted a more cautious picture. The MACD line stayed above the signal line, preserving its bullish crossover.
Even so, the histogram started shrinking while both lines flattened, indicating that buying strength had weakened following the rejection near resistance.
Accordingly, buyers needed renewed demand before the technical outlook could improve meaningfully.
Have EDGE funding rates already lost conviction?
Perpetual market positioning also softened as funding conditions drifted toward neutral levels.
The OI-Weighted Funding Rate stood at approximately 0.0024%, showing that traders no longer paid a meaningful premium to maintain long positions.
Earlier positive readings gradually faded before reaching almost neutral territory, reflecting a balanced market instead of aggressive bullish positioning.
Additionally, the funding shift aligned with the decline in Open Interest, strengthening the view that leveraged traders reduced exposure rather than expanded it.
That combination highlighted a cooling derivatives environment after recent volatility.
If funding remains close to neutral while participation stabilizes, traders could regain confidence gradually.
Otherwise, another decline in participation would likely keep EDGE within its ongoing post-TGE price discovery phase.
Final Summary
- edgeX remained in post-TGE price discovery despite continued progress toward StarkEx V2 infrastructure.
- Falling Open Interest and neutral funding reflected weaker conviction across leveraged EDGE traders.
