The token of MYX Finance, a decentralized derivatives platform, has been on one of the biggest runs in the market recently. After facing and overcoming fraud allegations, MYX has bounced back strongly, helped by the overall recovery in crypto. Now the token is trading close to its record high of $19.03, and traders are wondering if it can finally break through.

At the time of writing, MYX is priced around $17.29, showing a huge 60 percent jump in just the past 24 hours. This surge has pushed its market value past $3 billion, putting it among the top tokens in the derivatives sector. Trading activity has exploded as well, with over $400 million in daily volume, showing that speculators are piling back in.

The token has already tested levels near its peak but has struggled to stay above $18.60, which is acting as a tough resistance zone. If MYX can close above that level, analysts believe it could rally toward $23. On the other hand, failure to break through may see prices fall back toward stronger support closer to $11.

A big reason for this rally has been whale activity. Wallets holding more than $1 million worth of MYX have added 850,000 tokens in the past week, increasing their exposure by 17 percent. Since almost 80 percent of MYX supply is still locked, this heavy buying from large holders has put more pressure on the market, driving prices higher.

At the same time, over $50 million worth of short positions have been liquidated, forcing bearish traders out of the market. This short squeeze has added more fuel to the rally. Excitement is also building around MYX’s upcoming V2 upgrade, which promises gasless transactions, cross-chain compatibility, and zero-slippage trades, features that could attract even more users.

Still, not everything looks risk-free. The Relative Strength Index is at 74, showing strong demand but edging into overbought territory. If it climbs past 80, there is a good chance of profit-taking and a short-term correction. The MACD is also hinting at a possible bearish crossover, which would suggest momentum is fading. With Bollinger Bands widening, the token’s trading range could stay volatile in the near term.

Even with these warnings, market sentiment remains positive. The clearing of fraud claims earlier this month restored confidence, while MYX’s unique features like its Matching Pool Mechanism and cross-chain system continue to make it stand out in the DeFi space.