Crypto
MORPHO Surges on DeFi Rotation, But Can the Rally Survive Selling Pressure?
MORPHO surged by 17.8% in the past 24 hours as traders flocked to decentralized finance (DeFi) assets, lifting tokens such as Ethena and Aave.
The rotation benefited MORPHO directly, as traders sought exposure to decentralized lending infrastructure during the shift.
Despite the rally, Binance's top traders maintained a bearish stance on MORPHO, with short accounts accounting for 56.55% of the tracked positioning.
Selling pressure remained evident in both Spot and Futures markets, with taker sell dominance visible across various indicators.
A key resistance level at $2.929 proved to be a hurdle for MORPHO's price growth, as sellers prevented a breakout from extending further.