edgeX [EDGE] extended its two-day rally, climbing 11% as relief sentiment returned to the broader market. The altcoin ranked among the first top-150 cryptocurrencies to benefit from the rebound.
Several capital and structural signals could support another move higher. However, derivatives data revealed some hesitation among traders.
Are buyers backing EDGE’s rally?
The Spot market provided much of EDGE’s bullish structure, as accumulation increased over the past week.
Investors purchased and withdrew $16.18 million worth of EDGE during the period. This pushed Spot Netflow to -$1.05 million.
Buying continued across shorter timeframes. Outflows reached $2.23 million over 24 hours, while Netflow stood at -$291,780. These withdrawals suggested that investors moved EDGE away from exchanges, reducing its immediately available supply.
On top of that, the Funding Rate climbed to its highest level since the 14th of July.
It reached 0.0091%, showing that long-position traders paid shorts to maintain their positions.
Long exposure stood near $23.02 million at press time. However, the moderate Funding Rate suggested that bullish positioning had not become overheated.
Is investor confidence improving?
EDGE’s 24-hour sentiment score reached 4.64 on a scale ranging from -10 to +10. The positive reading indicated that bullish commentary outweighed bearish sentiment during the period.
Holder numbers also increased after falling to 18,040 on the 4th of July.
The total subsequently recovered to 18,210, suggesting that more wallets gained exposure to EDGE. Continued holder growth and positive sentiment could strengthen the case for sustained accumulation.
Should EDGE holders be concerned?
ven so, other indicators revealed lingering uncertainty among market participants.
EDGE’s holder count increased after the 7th of July, while Total Value Locked remained largely unchanged.
DeFiLlama data placed Total Value Locked [TVL] at $94.59 million, compared with $95.05 million at the period’s beginning.
This divergence suggested that growing token ownership had yet to drive additional capital into the protocol.
At the same time, the Long/Short Ratio fell below 1, reaching 0.84 in CoinGlass’s latest reading. The result showed more short than long accounts, despite positive Funding Rates and continued Spot outflows.
Therefore, EDGE’s rally retained bullish support, but derivatives traders remained divided over its next move.
Final Summary
- EDGE gained 11% as Spot outflows, positive Funding Rates, and holder growth supported the rally.
- A 0.84 Long/Short Ratio revealed caution among derivatives traders despite broader bullish signals.
