According to latest reports, DeXe (DEXE) surged roughly 70% in 24 hours to a fresh yearly high near $24.20, defying the broader crypto market decline. The rally was driven by a violent short squeeze that forced bearish traders to cover their positions, with record open interest climbing to roughly $70 million on Tuesday. As reported by Coinglass data, the decisive catalyst came from a short-liquidation cascade worth about $1.3 million, the largest on the chart, which mechanically drove the 70% candle and extended a multi-month rally. The move came as Bitcoin and most altcoins traded in the red, highlighting DeXe's resilience against the broader market weakness. Recent derivatives data suggests there might be potential for a short-term DEXE move to $25.5, with the cumulative short liquidation leverage overhead towards the $24 price level being much higher than long liquidation leverage below current market price.
According to Santiment data, DeXe's rally gained significant momentum from unprecedented network participation, with Daily Active Addresses surging to an all-time high of 298, highlighting the network's strongest participation since launch. Network growth also climbed to 86 new wallets, marking its highest reading since December 2020 and reflecting renewed user adoption. Whale activity strengthened alongside retail participation, with eighteen transactions above $100,000 establishing another record. These developments aligned with DeXe's prolonged rally instead of appearing as isolated spikes, with reports suggesting more tokens had left exchanges, reinforcing broader accumulation trends. AMBCrypto notes that whale accumulation and network activity at ATHs were signs of confidence in the ecosystem, with the price advance in June being an expression of this bullish conviction.
Despite DeXe's sustained strength, Binance's top traders continued positioning cautiously throughout the latest advance, with CoinGlass analytics showing only 24.62% of top trader accounts held 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 holding elevated price levels despite persistent bearish positioning, with such divergence often reflecting skepticism rather than immediate selling pressure because price remained resilient while bearish bets accumulated. The funding rate fell to healthy levels after peaking earlier in the week, with Open Interest also sliding lower in recent days, but funding rates have remained positive and the consolidation above $20 has provided bulls with space to regroup.
As buying intensified, price quickly advanced toward the next major resistance zone near $24.49, a level that coincides with DeXe's previous yearly peak and the 100% Fibonacci retracement level. The token reclaimed the $19.77 level with a powerful weekly candle and approached this critical resistance barrier. The 1-day timeframe highlighted a firmly bullish price structure for the altcoin, with the advance from $9.81 to $24.49 in May followed by a retracement into the golden pocket between the $12.95 and $15.42 retracement levels. The short-term rejection on Thursday was not a sign of weakness, as the retest of the $20-$21 support area, which had been local resistance earlier in the month, was encouraging. The MACD continued supporting the broader uptrend because the MACD line remained above the signal line while both indicators climbed further into positive territory, with the next major objective standing near $25.5, which represents the highest resistance visible on the weekly chart.
OI-Weighted Funding Rates remained positive throughout most of June after recovering from several weeks of negative readings earlier in the quarter, with the latest reading at 0.0059%, confirming that leveraged traders still paid a premium to maintain long positions. Positive funding alone did not guarantee further gains, but it reflected confidence that buyers continued supporting higher prices despite occasional volatility. As long as funding remained positive without reaching excessive levels, leveraged positioning would likely continue supporting the prevailing trend instead of signaling immediate exhaustion. The consolidation above $20 and the slowdown in OI and funding rate meant that DEXE bulls have had a chance to pull themselves together, with enthusiastic bullish sentiment and positioning quietening down to make space for the next upward move. The next weekly close should decide the direction, with a failure to break above $24.49 potentially handing control back to sellers.
