CFX Token Drops 7.83% Amid Profit-Taking and 500 Million Token Unlock, Trading Volume Surges

Conflux (CFXUSDT) experienced a notable price decline of 7.83% over the past 24 hours, with the current price at 0.1778 USDT on Binance. The recent drop can be attributed to profit-taking following a period of bullish momentum, heightened volatility, and anticipation of a scheduled token unlock of 500 million CFX, which is expected to increase the circulating supply and may have contributed to selling pressure. Despite strong buying interest earlier in the session, as indicated by a surge in trading volume and technical signals such as a MACD crossover and RSI entering overbought territory, the price failed to hold above key support levels and retreated from highs near 0.22 USDT. The market remains active, with 24-hour trading volume and market capitalization fluctuating across platforms, and network activity showing 15,200 monthly active addresses and 4,700 weekly unique addresses.