DASH has broken out of a prolonged multi-month descending channel, signaling a potential shift from bearish to bullish momentum, even as it faces a significant $20 million capital exodus from its derivatives market. The price advanced from the mid-$30 range to the low-$90s in a short period, breaking above key channel resistance with strong bullish candles and limited retracement, indicating committed demand.
Following this sharp advance, DASH entered a sideways consolidation near recent highs, with former resistance between $60 and $70 transitioning into structural support. On-chain volume footprint data shows a buy-side imbalance around the $88–92 area, suggesting absorption of supply. On the monthly chart, DASH is testing a critical macro resistance trendline formed over nearly eight years since the 2018 high. A confirmed monthly close above this level could mark a significant macro shift.
However, the breakout coincides with notable weakness in the derivatives market. Open Interest in DASH perpetual contracts declined sharply by roughly $20.38 million to $162 million, with $3.4 million in liquidations. The Funding Rate turned negative to -0.0356%, indicating traders are favoring short positions and paying fees to maintain them.
In contrast, spot market activity and data from Binance present a more bullish divergence. Spot purchases climbed to $10.97 million, the highest level since mid-November, suggesting accumulation at current price levels. On Binance, which accounts for nearly 50% of total DASH Open Interest, the Taker Buy/Sell Ratio remained slightly positive at 1.002, signaling stronger buy-side aggression. Liquidation heatmap analysis also reveals heavier liquidity clustering above current price levels, making an upward move to trigger these clusters an attractive target for traders.
