DeXe [DEXE] continued to attract attention after rising almost 45% in recent months, while activity in the chain reached historic levels in multiple metrics. According to SantimentThe number of daily active addresses rose to a record high of 298, highlighting the network’s strongest participation since launch.
Network growth also increased to 86 new wallets, marking the highest value since December 2020 and reflecting renewed user adoption. Whale activity increased alongside retail participation, with eighteen transactions above $100,000 setting a new record. These developments were consistent with DEXE’s long-term rally and did not resemble isolated spikes.
Additionally, reports suggested that more tokens had left exchanges, reinforcing broader accumulation trends. As a result, network participation increasingly matched price performance, reinforcing confidence that true ecosystem expansion had supported continued progress.
Why did Binance’s top traders remain heavily shorted?
Despite DEXE’s continued strength, Binance’s top traders continued to position themselves cautiously during the latest advance.
At the time of writing, CoinGlass’s analyzes showed that only 24.62% of top trader accounts had 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 to maintain high price levels despite continued bearish positioning. Such divergences often reflected skepticism rather than immediate selling pressure, as the price remained resilient as bearish bets piled up.
If buyers continue to absorb this pressure, a strong short position could increase the likelihood of additional upside potential through forced shorting. Nevertheless, continued buying interest would still have to exceed renewed selling for sentiment to change definitively.
Can DEXE overcome its next resistance barrier?
DEXE approached critical resistance near $24.61 after regaining the $19.77 level with a strong weekly candle. TThe next major target was near $30, which represented the highest resistance visible on the weekly chart.
At the time of writing, the MACD continued to support the broader uptrend as the MACD line remained above the signal line while both indicators continued to climb into positive territory. Although the histogram narrowed slightly, the bullish strength remained intact rather than reversing.
Therefore, buyers remained in control as long as DEXE defended the support around $19.77. Losing that level could expose a deeper pullback towards $13.81. However, if we stay above the current support, the way remains open for another attempt to break the USD 24.61 barrier before a move towards USD 30 could develop.
DEXE financing reflects a bullish belief
The OI-weighted financing rate remained positive for most of June, after recovering from several weeks of negative figures earlier in the quarter. The last reading was 0.0059%, confirming that leveraged traders were still paying a premium to hold long positions.
Positive financing alone did not guarantee further profits. Still, it reflected confidence that buyers continued to support higher prices despite occasional volatility. The funding spikes earlier in June also coincided with DEXE’s continued recovery, showing leveraged participation had increased alongside price.
As long as funding remained positive without reaching excessive levels, leveraged positioning would likely continue to support the prevailing trend rather than signaling immediate exhaustion.
Can logging network activity support DEXE’s rally?
Record participation on the chain strengthened the arguments behind DEXE’s rally as user activity, whale transactions and network growth all reached exceptional levels.
The price also remained above key support points, while technical indicators continued to favor buyers. If DEXE breaks above $24.61 on continued demand, the rally could extend towards the $30 resistance.
Final summary
- Record user activity and whale trades continued, strengthening DEXE’s rally despite widespread short positions.
- DEXE remained above key support, making the $24.6 resistance the next major price test.