MYX Finance (MYX) experienced a dramatic price surge of 68-90% over a 24-hour period, with its price reaching approximately $6.12 and briefly touching above $7.00 for the first time in three months. The rally was primarily driven by explosive growth in the perpetual trading market for MYX.
Data from DeFiLlama shows total perpetual market volume crossing the $250 million mark, with decentralized exchange PancakeSwap V3 contributing significantly—accounting for roughly $13 million in volume in a single day. Furthermore, Open Interest, which measures capital locked in perpetual contracts, more than doubled, rising above $55 million. Positive funding rates supported this upward price movement, indicating strong speculative interest.
Analysts point to rising anticipation for the upcoming MYX Finance V2 upgrade as a key narrative driver. The upgrade is expected to allow users to launch perpetual markets instantly, fueling market speculation. On-chain metrics like the On-Balance Volume (OBV) indicator showed a sharp spike aligned with the price rise, suggesting the rally was supported by genuine capital inflows and accumulation over several sessions, rather than purely thin liquidity.
However, the strong price action starkly contrasts with weak underlying protocol performance. On-chain revenue metrics remain alarmingly low, with gross protocol revenue since the start of January totaling only $5. Of this, $2 came from liquidity provider fees and $3 from VIP trading fees. This highlights a significant lack of sustainable profitability at the protocol level.
Technical indicators signal potential overbought conditions and corrective risks. The Relative Strength Index (RSI) climbed above 70, placing MYX in overbought territory. The price also pushed above the upper Bollinger Band, a pattern historically associated with short-term pullbacks. The Accumulation/Distribution (A/D) indicator remained in negative territory, with roughly 45 million MYX traded, indicating that selling pressure still outweighed accumulation despite the rally.
The long-term sustainability of the rally is uncertain. While historical precedents show MYX has sustained extended rallies while overbought—gaining 1,680% in August 2025 and over 913% in September 2025—the weak on-chain fundamentals pose a risk. Continued revenue underperformance could place downward pressure on the price, potentially leading to a retracement toward support levels at $5.83 or even $4.54 if the bullish structure breaks.
