Conflux, a relatively lesser-known altcoin, has recently shown impressive momentum with an 11% price surge in the past 24 hours. This breakout from a multi-month sideways range market is largely attributed to its growing network activity and user engagement.
The altcoin's stablecoin market cap saw a significant increase of 18.61% over the week, rising from $2,008 to $5.24 million in just 18 days. Additionally, app revenue witnessed an almost 6x growth within two days, reaching $138 at the time of writing.
Conflux's transaction count per day also reached a new high since April, increasing by 2.5 times with a total of 28,198 transactions in one day. Moreover, user growth on Confluxscan showed an uptick, rising from 29 to 118 this month.
While some pullback has occurred following the initial surge, CFX bulls may still be able to maintain the price above $0.07, as indicated by its strong technical breakout and robust network activity. However, it is essential to remain cautious of potential corrections that can occur in uptrends.