Conflux (CFX) Hits 7-Month High as On Chain Metrics Signal Further Uptrend Potential

L1 Coin CFX has become the best-performing altcoin today, reaching its highest price since 09/12/2024.

This price increase occurred after a series of recent ecosystem updates that strongly boosted trading activity and investor sentiment around CFX. With continuing demand, this coin seems to be in a good position to continue its short-term price increase.

CFX Price Doubles in a Week as Asia-Focused Roadmap is Deployed

Currently, CFX is trading at 0.23 USD, up 83% in the past day. In the past week, the coin's price has increased by over 110%.

CFX's price surge is primarily driven by expectations of the Tree Graph 3.0 mainnet upgrade, expected to launch in August. This upgrade promises significant performance improvements, allowing up to 15,000 transactions per second. It also introduces support for AI agents, real asset payments, and cross-border payments, aimed at strengthening Web3 infrastructure in Asia.

Moreover, Conflux is developing an offshore RMB stablecoin in collaboration with AnchorX, Dongxin, and Ping An. This stablecoin is expected to attract attention through upcoming pilot programs in Central and Southeast Asia, expanding Conflux's regional influence.

Additionally, Conflux recently partnered with MetYa, an AI-focused SocialFi platform. These updates have led to increased demand for CFX, driving its value significantly higher in recent days.

CFX Surges Due to Smart Money Accumulation

According to Santiment, CFX's social dominance – an indicator tracking the percentage of cryptocurrency discussions focused on this asset – has soared to an All-Time-High. According to the on-chain data provider, this index reached 0.74% at the time of writing, confirming a significant increase in online discussions about CFX.

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This confirms that the altcoin has attracted significant attention in the broader market conversation, a trend typically signaling increased small investor activity and short-term price momentum.

Furthermore, CFX's Smart Money Index (SMI) has increased over the past three days, indicating growing interest from influential investors and large holders. Indicators from this metric show its value has increased by 46% since 07/19.

Smart money refers to capital controlled by institutional investors or experienced traders who have deeper understanding of market trends and timing. SMI tracks these investors' behavior by analyzing intraday price fluctuations.

It measures morning selling (when retail traders dominate) versus afternoon buying (when institutions are more active).

Such SMI increase signals that smart money is accumulating CFX, often preceding significant price movements — a trend primarily driven by the upcoming Tree-Graph 3.0 mainnet upgrade, expected in the coming days.

CFX Targets Breakthrough Above 0.25 USD — Can Buyers Push Price to April 2024 Highs?

Continuous buying pressure could help CFX overcome the immediate resistance level at 0.2484 USD. If successfully breaking this level, its price could move towards 0.306 USD, the highest point reached in April 2024.

However, if market participants continue to take profits, this price increase forecast will be nullified. In that case, the coin's price could drop to 0.1664 USD.