DailySun
IDEX, a key player in the decentralized exchange arena, has reached its highest point since March of this year.
The IDEX (IDEX) token rose to $0.1150, representing an increase of over 335% from its lowest point this year, which has elevated its market capitalization to over $70 million. This increase was witnessed in a high-volume context, as the 24-hour trading volume surged by more than 4,420% to reach $318 million.
This surge aligned with the total value locked in IDEX’s network reaching an all-time high of $70 million. The bulk of this volume originates from its Ethereum (ETH) version, with additional activity on IDEX Chain and Polygon.
Moreover, data from DeFi Llama reveals that the weekly trading volume on IDEX V4, the platform for perpetual futures, surged to $84.2 million—the highest on record. The platform’s total historic volume has now exceeded $388 million.
The token also experienced a rally in anticipation of the upcoming launch of Buy & Lock, expected later this week. Buy & Lock will be a liquidity initiative aimed at bolstering its on-chain presence.
In this initiative, 100% of the fees generated by the network will be reinvested and locked. Of these, 50% will be allocated to purchasing the IDEX token, thereby decreasing the circulating supply.
The other 50% of the tokens will be paired with the purchased IDEX and contributed to a Uniswap (UNI) liquidity pool. The developers aim for Buy & Lock to enhance value and liquidity within the network.
This new initiative follows the developers’ introduction of a points program, allowing users to trade, accumulate points, and claim rewards every Friday. Users can then reinvest these tokens to benefit as the IDEX price increases.
IDEX price encounters resistance
The daily chart indicates that the IDEX price peaked at $0.1148 on December 9 before retracting to $0.086. This decline coincided with a dip in Bitcoin (BTC) and most altcoins.
The token remains above a crucial resistance level at $0.060, which was its top on August 28. It has surpassed all moving averages, signaling that bulls are currently in control.
IDEX is trading slightly below the 61.8% Fibonacci Retracement level. Consequently, it is likely to bounce back and could retest its peak of $0.1148 this week. A breakout beyond this level may lead to further gains, potentially up to the March high of $0.1253.
