MORPHO has risen approximately 10% in the past 24 hours, with bullish trading in the perpetual contract market also intensifying. Multiple derivative data points are positive, indicating that short-term funds remain bullish, but the price is near a key resistance level. Whether it can continue to rise depends on whether the $2.23 level can be effectively broken.

Perpetual contracts are favored by bulls

Data shows that in the MORPHO perpetual contract market, long positions accounted for 54% of trading volume, and the long-short ratio rose to 1.27. This means that positions betting on continued price increases currently have a slight advantage in the market.

Meanwhile, open interest increased by 11% in 24 hours, and funding rates rose to 0.0053%. This typically indicates that new funds are entering the contract market, and long positions are willing to pay higher costs for holding positions.

Resistance around $2.23 is being watched.

From a price structure perspective, MORPHO is still trading within an upward channel, and the overall trend has not shown any significant weakening. However, the area around $2.23 is considered the most important short-term resistance level.

If the price breaks above this level, the market anticipates the next target to be $2.36, representing approximately 9.47% upside from current levels. If it encounters resistance near $2.23, the price may fall back to the lower edge of the channel before seeking another rebound opportunity.

Trading volume and sentiment remain relatively strong.

The cumulative/distribution indicator, which measures buying and selling power, remains in positive territory, with total trading volume exceeding 9.97 million. This indicates that the flow of funds has not yet turned negative, and buying pressure is maintaining the current upward trend.

Community sentiment indicators are also bullish. Statistics show that the voting results of approximately 38,700 participants are almost unanimously bullish, with market expectations still focused on further price increases.

However, whether the short-term trend will continue depends on whether the bullish advantage in the derivatives market can be maintained and whether the spot price can break through the resistance above.