Decentralized exchange (DEX) tokens seemed to be far away from the strength seen in them as the year 2025 came to a close.
As of press time, the MYX Finance token was among the few DEX tokens posting double-digit daily gains. CoinMarketCap data showed MYX up roughly 11% over 24 hours, raising questions about sustainability.
Can MYX hold the breakout?
MYX Finance [MYX] traded above a key breakout level near $4 after weeks of sideways consolidation since the 11th of October. Price action showed an extended balance as buyers and sellers contested control.
The altcoin remained range-bound between roughly $4.67 and $6, reflecting indecision rather than trend continuation.
Momentum indicators leaned constructive. Bull Bear Power printed 1.236, signaling gradually strengthening buying pressure.
At the same time, Stochastic RSI moved into oversold territory and showed a bullish crossover.
That shift set up a potential directional move.
If MYX held above the $4 breakout zone, price could revisit the $9 region, which previously marked a triple-top neckline. A sustained breakdown would invalidate the setup.
Perps volume, TVL on rebound
In terms of perpetual trading volume, the DEX has continued to show resilience since September. Its previous week’s perps volume was in excess of $1.92 billion, while the current one already had more than $277 million.
Most of this volume was traded on BNB Smart Chain (BSC), which is about $1.88 billion, while the rest was shared between Linea and Arbitrum One (ARB) chains.
Furthermore, its Total Value Locked (TVL) was rebounding after forming a bottom at $27 million in December. In the new year, this reading jumped by $6 million, to about $33 million at press time.
The figure showed growth, but still confirmed that the narrative was yet to become a force in the cryptocurrency sector. This is because the TVL’s magnitude paled in comparison to other sectors within DeFi.
Spot vs. Derivative holders
Holder data revealed a clear divergence.
Token Terminal data showed spot holders fell to 56.8K from a peak near 71.2K. MYX ranked ninth among DEX tokens by holder count.
By contrast, Derivative exchange holders climbed above 1.6 million from roughly 1.5 million over the same period. That imbalance suggested traders favored leveraged exposure over long-term Spot holding.
In the short term, structure favored buyers as long as MYX stayed above $4. Reclaiming the neckline zone could reopen upside toward higher resistance levels.
Even so, sustained momentum depended on volume follow-through rather than technical signals alone.
Final Thoughts
- MYX’s structure stayed constructive, but participation patterns revealed where conviction truly sat.
- If leverage continues to lead without spot follow-through, momentum may remain fragile. That imbalance is now the key variable to watch.
