Layer-1 (L1) coin CFX has emerged as today's top-performing altcoin, reaching its highest price level since December 9, 2024.
This upward trend is due to a recent series of ecosystem updates, which significantly improved trading activity and investor sentiment towards CFX. As demand continues to show strength, this coin has a high probability of further short-term appreciation.
CFX Price Doubles in a Week... Unfolding Asia-Centric Roadmap
Currently, CFX is trading at $0.23, having risen 83% in the past 24 hours. Over the past week, the coin's price has increased by more than 110%.
CFX's price surge is primarily driven by anticipation of the Tree Graph 3.0 mainnet upgrade scheduled for release in August. This upgrade promises major performance improvements, enabling up to 15,000 transactions per second. Additionally, it will support AI agents, real-world asset settlement, and cross-border payments, aiming to strengthen web3 infrastructure in Asia.
Furthermore, Conflux is collaborating with AnchorX, Dongxin, and Ping An to develop an offshore RMB stablecoin. This stablecoin is expected to gain attention through pilot programs in central and Southeast Asia, expanding Conflux's regional significance.
Conflux recently established a partnership with MetYa, an AI-focused social-fi platform. These updates have led to a surge in demand for CFX, significantly boosting its value over the past few days.
CFX, Smart Money Accumulation Rises
According to Santiment, a cryptocurrency online data platform, CFX's social dominance—a metric tracking the proportion of cryptocurrency discussions focused on an asset—has surged to an all-time high. The on-chain data provider notes this reached 0.74% at the time of reporting, confirming a significant increase in online discussions about CFX.
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This confirms that altcoins have received significant attention in broader market conversations. This often signals an increase in retail activity and short-term price momentum.
Moreover, CFX's Smart Money Index (SMI) has risen over the past three days, indicating increased interest from influential investors and large holders. The indicator's reading has increased by 46% since July 19th.
Smart money refers to capital controlled by institutional investors or experienced traders who deeply understand market trends and timing. The SMI analyzes these investors' behavior to track intraday price movements.
This measures morning sells dominated by retail traders and afternoon buys when institutions are more active.
Such an SMI rise indicates smart money is accumulating CFX, typically occurring ahead of major price movements, primarily due to the upcoming Tree Graph 3.0 mainnet upgrade in the coming days.
CFX Eyeing Breakthrough Above $0.25... Will It Rise Towards April 2024 Peak?
Continuous buying pressure will enable CFX to break through the immediate resistance of $0.2484. Successfully breaking this level could see the price move towards $0.306, last reached in April 2024.
However, if market participants resume profit-taking, this upward prediction will be invalidated. In such a case, the coin's price could drop to $0.1664.
