All news is rigorously fact-checked and reviewed by leading blockchain experts and seasoned industry insiders.
- Conflux surged 42% in 24 hours, driven by the upcoming Conflux 3.0 upgrade and bullish sentiment.
- RSI signals overbought, while MACD shows strong bullish momentum, hinting at possible short-term continuation.
The price of Conflux (CFX) is in the market spotlight today. According to CoinMarketCap data, in the past 24 hours, its value has skyrocketed by 42%, immediately taking the top spot as a top gainer. This surge is clearly not just hype; technical strengths and geopolitical sentiment are driving its momentum.
Conflux 3.0 and China’s Digital Yuan Ambitions
The highly anticipated major launch, Conflux 3.0, is the main driver. This upgrade is scheduled for release on July 31st and brings new features such as parallel transaction processing and on-chain AI agents. A few weeks ago, their CTO, Dr. Guang Yang, outlined the plan at a conference in Shanghai. He stated that this update could increase transaction capacity to 15,000 per second, a fivefold increase from before.
For those who have followed Conflux for a while, this pattern is not surprising. Historically, whenever the project releases a major update, the price of CFX usually follows suit, sometimes even doubling.
Furthermore, it’s not just the technology that is attracting investors. Conflux is also entering the digital geopolitical game by partnering with AnchorX and Eastcompeace to launch AxCNH. This stablecoin is pegged to offshore yuan, and is reportedly backed by the Shanghai government.
This project is touted as China’s blockchain bridge to Belt and Road partner countries. Beijing itself is actively promoting yuan internationalization, and Conflux appears to be capitalizing on this opportunity quite nimbly.
Furthermore, Conflux’s position within the regulatory landscape is also quite unique. While most crypto projects in China must proceed cautiously due to strict oversight, Conflux has more room to maneuver. One reason is that its stablecoin project appears to have the backing of local authorities.
Moreover, starting August 1st, Hong Kong will implement a stablecoin licensing scheme that could pave the way for AxCNH to gain wider legal acceptance. However, risks remain. The case of CNHC Group, which was investigated last year for a similar project, shows that digital yuan-related projects are still not completely unimpeded.
Momentum Stays Strong as Tech Enhancements Loom
Technically, there are mixed signals. The RSI indicator is currently at 83.54, quite high and indicating overbought conditions. This means a potential correction or consolidation could occur in the near future.
But wait. On the other hand, the MACD indicator is showing a strong bullish signal. The MACD line has crossed the signal line from below and continues to move away, with the histogram widening. This indicates that buying pressure has not subsided. So, while the market may need a short break, sentiment remains predominantly positive.
Furthermore, Conflux is not standing still for the future. While there is no official schedule yet, in the next 3–6 months they are expected to optimize their hybrid Tree-Graph system based on Proof-of-Work and Proof-of-Stake, which is currently claimed to be capable of accommodating 3,000–6,000 TPS.
There is also a plan to improve compatibility with the Ethereum system to make it easier for developers to join. In terms of the ecosystem, their grant portal is still active, indicating continued funding for development.
And to top it all off, the planned acquisition of Conflux by Hong Kong biotech company Leading Pharma Biotech, announced in mid-July, further solidifies the narrative. It might sound a bit unusual—blockchain meets biotech? But that’s the crypto market, there’s always a surprise around the corner.
