MYX Finance [MYX] has managed to retain a 5% gain over the past 24 hours, even as a broader crypto market shake-off pushed many assets into sharp declines.
Despite the price increase, overall sentiment does not yet point clearly in one direction. Instead, different segments of the market appear to be competing for control, resulting in a mixed outlook for MYX.
On-chain sentiment remains weak
On-chain activity suggested that participation remained insufficient to support a sustained rally.
While several metrics can be used to assess a protocol’s health, revenue remains one of the most reliable indicators, as it reflects how much the protocol earns from trading fees and ecosystem-related activity.
In MYX’s case, revenue has continued to hover at the lower end of its historical range.
In fact, month-to-date revenue stood at $358, at press time, marking the second-lowest level recorded by the protocol.
Contextually speaking, declining revenue often signals reduced user activity, which can suppress demand for MYX and weigh on its broader price dynamics. Similarly, protocol fees remain subdued at just $45.
Total value locked (TVL), which represents the amount of capital deposited into liquidity pools to earn fees, has remained relatively stable.
This stability suggested that existing participants were still keeping their assets locked within the protocol, even as activity slowed.
Exchange activity shows bullish positioning
In contrast, activity across centralized exchanges appears more constructive. Trading data pointed to growing speculative interest, with traders positioning for potential upside.
The Open Interest–Weighted Funding Rate, a metric used to gauge whether perpetual traders are leaning bullish or bearish, indicated that MYX remained skewed toward the bullish side.
The Funding Rate sat at a positive 0.0029% at press time. While modest, this reading suggested that long positions still slightly outweigh shorts, even though the gap between the two remains narrow.
This setup becomes more notable given the broader reduction in exposure.
Open Interest declined by $3.5 million during the same period, reflecting capital outflows from the market. Notably, long traders accounted for the majority of recent losses, outweighing those recorded by short positions in the MYX perpetual market.
Drop or rebound—where is MYX heading?
Liquidation Heatmap data offered additional insight into MYX’s potential next move.
The analysis highlighted clusters of unfilled orders that were compressing price action within a defined range. Such conditions often precede sharp moves, either to the upside or downside, depending on momentum.
However, liquidity appears more concentrated above the current price level. These denser clusters suggest a stronger upward pull, as liquidity zones often act as magnets for price movement, particularly when long-side positioning dominates.
Overall, while short sellers have recently gained some ground, the broader speculative setup favors a potential rebound. With exchange-based sentiment gradually tilting toward long positions, MYX may be positioned for a stronger recovery if momentum aligns.
Final Thoughts
- MYX Finance records its lowest monthly revenue since inception as user demand continues to fade.
- Speculative traders, however, are holding their ground, doubling down on long positions in MYX despite the slowdown in on-chain activity.
