Recently, the price trend of Conflux (CFX) resembles riding a high-speed train, soaring towards new highs. The latest data shows that CFX achieved an increase of over 11% within a single day, with the price rising to around 0.215 USD. Meanwhile, the volume has also seen significant growth, reflecting the rising enthusiasm of investors for the project.

However, there are some concerning issues behind this wave of rising prices. Although both the price and volume are increasing, on-chain activity has not shown a corresponding growth trend. More alarmingly, some analyses indicate that currently only three accounts account for 80% of gas usage, and this high level of centralization has raised concerns among some analysts.

From a technical analysis perspective, CFX has accumulated a rise of over 250% in the past month. Currently, it has broken through the flag consolidation range and formed a MACD golden cross, which are strong technical indicators of upward momentum. If this trend can continue, the price of CFX is expected to challenge a new high of $0.41. However, investors also need to be cautious of potential pullbacks; if market sentiment reverses, the price may retreat to the support level near $0.14.

Despite CFX's impressive performance in the cryptocurrency market, its fundamentals seem to have yet to fully keep pace with the rapid price increase. In the coming period, investors and analysts will closely monitor two key indicators: first, whether the trading volume can continue to remain high, and second, whether there will be a substantial increase in on-chain activity. These two factors will largely determine whether CFX's current upward trend is sustainable.

Overall, CFX's recent performance has undoubtedly brought a new vitality to the market, but investors should not ignore potential risk factors while celebrating its impressive performance. In this rapidly changing cryptocurrency market, maintaining rationality and caution is always a wise choice.