$CFX 35% price surge in 24 hours stems from strategic acquisition news, bullish technicals, and supply tightening.
Leading Pharma Biotech’s acquisition plans triggered speculative demand.
Overbought RSI and MACD bullish crossover reflect intense buying momentum.
Token burns and staking reduced circulating supply by ~576M CFX since May.
Deep Dive
1. Primary catalyst
The July 15 announcement that Hong Kong-listed Leading Pharma Biotech (HK0399) plans to acquire Conflux drove immediate speculation. The company’s stock surged 10% intraday, mirroring CFX’s rally. Two Conflux co-founders already serve as Pharma’s executives, suggesting deeper integration plans. This follows Pharma’s July 2 announcement of the deal, which initially spiked its stock 240%.
2. Technical context
RSI 14: 72.65 (neutral but rising)
MACD: Bullish crossover (histogram +0.00205)
Price broke above Fibonacci 23.6% ($0.102), targeting $0.115–$0.13.
Volume: $236.7M (24h), up 433% vs. previous day, confirming conviction.
3. Supporting factors
Supply shock: May’s 76M CFX burn and 500M CFX staking reduced liquid supply by ~11%.
Ecosystem momentum: The July 18–20 Conflux Tech Conference highlighted RWA and AI integrations, boosting developer sentiment.
Conclusion
CFX’s rally combines M&A speculation, technical momentum, and proactive tokenomics. Watch for confirmation of the Pharma deal’s closure and whether CFX holds above $0.14 (current resistance).
Could this mark a sustained reversal, or is profit-taking likely given the 90-day +98% gain?
