edgeX (EDGE) continued its two-day rally, rising 11% as relief sentiment returned to the broader market. The altcoin is ranked among the first 150 cryptocurrencies to benefit from the recovery.
Several capital and structural signals could support another move higher. However, derivatives data revealed some hesitation among traders.
Do buyers support EDGE rally?
The spot market provided a lot of… edge Bullish structure, as accumulation has increased over the past week.
Investors bought and pulled $16.18 million worth of EDGE during the period. This pushed Spot Netflow to -$1.05 million.
Continue buying over shorter time frames. Outflows reached $2.23 million over 24 hours, while net inflows amounted to -$291,780. These withdrawals indicate that investors have moved EDGE away from exchanges, immediately reducing the available supply.
Furthermore, the funding rate rose to its highest level since July 14.
It reached 0.0091%, indicating that long traders pushed short positions to maintain their positions.
Long exposure stood at near $23.02 million at press time. However, the moderate funding rate indicated that bullish positions have not become overheated.
Is investor confidence improving?
EDGE’s 24-hour sentiment score reached 4.64 on a scale ranging from -10 to +10. A positive reading indicated that bullish sentiment overshadowed bearish sentiment during this period.
Bondholder numbers also rose after falling to 18,040 on the Fourth of July.
The total later recovered to 18,210, suggesting that more portfolios gained exposure to EDGE. Continued shareholder growth and positive sentiment can strengthen the case for sustainable accumulation.
Should EDGE holders be concerned?
However, other indicators revealed continued uncertainty among market participants.
The number of EDGE holders increased after July 7th, while the total value locked remained largely unchanged.
DeFiLlama Data Total Value Locked (TVL) In the amount of $94.59 million compared to $95.05 million at the beginning of the period.
This difference indicates that increased token ownership has not yet driven additional capital into the protocol.
Meanwhile, the buy/sell ratio fell below 1, reaching 0.84 in CoinGlass’s latest reading. The result showed that there were more short accounts than long ones, despite positive financing rates and continued spot outflows.
Therefore, the EDGE rally retained upward support, but derivatives traders remained divided on its next move.
Final summary
- EDGE shares rose 11% as outflows, positive financing rates and shareholder growth supported the rally.
- A buy/sell ratio of 0.84 revealed caution among derivatives traders despite broader bullish signals.
