$CFX surged 26% in 24 hours due to a hardfork upgrade, renewed speculation around a biotech acquisition deal, and bullish technical momentum.
Hardfork activation (CIP-156) completed July 2, enhancing network capabilities.
Strategic acquisition rumors resurfaced despite initial July 2 volatility.
Technical breakout above key Fibonacci levels with 418% volume spike.
Deep Dive
1. Primary Catalyst
The CIP-156 hardfork activated on July 2, 2025, introduced protocol upgrades to improve transaction efficiency and governance. This followed Conflux’s June 25 announcement (Conflux_Network) urging node upgrades, aligning with the network’s roadmap to bolster scalability. Historically, Conflux’s technical upgrades (e.g., May 2025’s 76M CFX burn) have driven price volatility, and the 24h timing matches the surge.
2. Supporting Factors
Acquisition speculation: Leading Pharma Biotech’s July 2 bid to acquire Conflux assets initially caused CFX to dip 51% on uncertainty but has since fueled speculation about blockchain-biotech synergies. Co-founder Wu Ming’s role as Pharma’s director (Coincu) reignited bullish narratives.
RWA traction: dForce’s Conflux-based RWA vault hit its $200K cap on July 3, showcasing demand for yield-bearing real-world asset products (dForcenet).
3. Technical Context
RSI 14 at 69.43 signals bullish momentum without extreme overbought risk.
Price broke above the 50% Fibonacci retracement ($0.0768), targeting the 61.8% level ($0.073) next.
Volume spike: $96.9M 24h volume (+418%) confirms trader conviction, though turnover (0.193) suggests moderate liquidity risk.
Conclusion
CFX’s rally combines protocol upgrades, strategic partnership potential, and technical momentum. Watch for sustained volume above $80M and updates on the Pharma deal’s regulatory progress.
Could CIP-156’s long-term utility outweigh short-term profit-taking risks?