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China’s only public blockchain, Conflux, sees CFX price skyrocket 1,300% in 2023

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Social media metrics show strong retail investor sentiment behind the ongoing CFX price rally.

Conflux Network (CFX) is up nearly 500% in the past week, with CFX emerging as one of the best-performing crypto assets in 2023 as China appears to be warming to cryptocurrency trading.

What is Conflux Network?

Interestingly, Conflux Network, also known as Shanghai Tree-Graph Blockchain Research Institute, is the only regulatory-compliant, public and permissionless blockchain in China. Conflux is a layer-1 blockchain operating on a hybrid proof-of-work and proof-of-stake mechanism.

CFX’s price has rallied nearly 1,335% year-to-date (YTD) to reach $0.3254 as of Feb. 24, its highest level in 14 months. In comparison, the combined market capitalization of crypto assets has surged approximately 45% YTD.

f4eeca5f-5f20-489a-b8f0-ff67f3d1feb1.pngCFX/USD daily price chart. Source: TradingView

Why is Conflux Network’s price rallying?

Strong fundamentals have primarily driven the CFX price higher in 2023.

For instance, CFX’s price increased by more than 90% on Jan. 26, two days after Conflux Network partnered with Little Red Book, a China-based social media platform, to provide nonfungible token services.

The partnership enabled Conflux Network to bring its services to Little Red Book’s 200 million users.

d59d830f-a3fb-414c-82c9-09b1d2909f3d.pngCFX/USD daily price chart. Source: TradingView

Similarly, on Feb. 15, Conflux Network partnered with China Telecom to develop and pilot a blockchain SIM (BSIM) card service in Hong Kong, thus gaining exposure to the latter’s 350 million users. CFX’s price has rallied 450% after the announcement.

The high-profile deals also helped boost queries for keywords related to Conflux Network, thus hinting at an increasing retail interest. For instance, the worldwide Google Trend score for the keyword “Conflux Network” reached 93 and 100 in the Jan. 22–28 and the Feb. 12–18 periods, respectively.

Interest over time for the keyword “Conflux Network” worldwide. Source: Google Trends

Social media was mostly focused on Conflux Network’s major partnership deals, according to data from Santiment show below.

3cdc77f3-7770-4926-b8a0-c54d2f57c0de.pngSocial media volume for Conflux Network. Source: Santiment

In addition, the CFX market bull run also comes ahead of the vote on its token burn proposal sometime this week.

ℹ️ Did you know the Conflux Foundation has already burned close to 500 Million CFX?!

‼️ Our latest DAO proposal vote CIP-107 regarding token burning will be taking place next week!

Read the full proposal here ⬇️https://t.co/zqZwmXUSWn pic.twitter.com/1odqgJEbOh

— Conflux Network Official (@Conflux_Network) February 14, 2023

So far, the buzz for Conflux Network is palpable. However, that does not safeguard CFX’s price from undergoing a massive correction in the coming weeks.

CFX price rally is “overbought”

From a technical standpoint, CFX’s ongoing price boom has left it extremely overbought.

On both daily and weekly charts, CFX’s relative strength index has crossed above 70, which hints that its ongoing uptrend is near exhaustion. In addition, the Conflux Network token is testing the $0.28–$0.41 range as resistance, which served as support from May to November 2021.

63483a48-7cbe-4c84-b080-04c9f52fa41e.pngCFX/USD weekly price chart. Source: TradingView

A pullback from the resistance area could have CFX’s price fall to $0.097–$0.141 as its primary downside target. The range also coincided with the token’s 50-week exponential moving average (50-week EMA; the red wave) near $0.108, down about 65% from current price levels.

Conversely, a decisive breakout above the $0.28–$0.41 range could have CFX’s price rally toward $0.84, its resistance from the May–September 2021 session.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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  • 14.10.25 08:46 robertalfred175

    CRYPTO SCAM RECOVERY SUCCESSFUL – A TESTIMONIAL OF LOST PASSWORD TO YOUR DIGITAL WALLET BACK. My name is Robert Alfred, Am from Australia. I’m sharing my experience in the hope that it helps others who have been victims of crypto scams. A few months ago, I fell victim to a fraudulent crypto investment scheme linked to a broker company. I had invested heavily during a time when Bitcoin prices were rising, thinking it was a good opportunity. Unfortunately, I was scammed out of $120,000 AUD and the broker denied me access to my digital wallet and assets. It was a devastating experience that caused many sleepless nights. Crypto scams are increasingly common and often involve fake trading platforms, phishing attacks, and misleading investment opportunities. In my desperation, a friend from the crypto community recommended Capital Crypto Recovery Service, known for helping victims recover lost or stolen funds. After doing some research and reading multiple positive reviews, I reached out to Capital Crypto Recovery. I provided all the necessary information—wallet addresses, transaction history, and communication logs. Their expert team responded immediately and began investigating. Using advanced blockchain tracking techniques, they were able to trace the stolen Dogecoin, identify the scammer’s wallet, and coordinate with relevant authorities to freeze the funds before they could be moved. Incredibly, within 24 hours, Capital Crypto Recovery successfully recovered the majority of my stolen crypto assets. I was beyond relieved and truly grateful. Their professionalism, transparency, and constant communication throughout the process gave me hope during a very difficult time. If you’ve been a victim of a crypto scam, I highly recommend them with full confidence contacting: 📧 Email: [email protected] 📱 Telegram: @Capitalcryptorecover Contact: [email protected] 📞 Call/Text: +1 (336) 390-6684 🌐 Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 15.10.25 18:07 crypto

    Cryptocurrency's digital realm presents many opportunities, but it also conceals complex frauds. It is quite painful to lose your cryptocurrency to scam. You can feel harassed and lost as a result. If you have been the victim of a cryptocurrency scam, this guide explains what to do ASAP. Following these procedures will help you avoid further issues or get your money back. Communication with Marie ([email protected] and WhatsApp: +1 7127594675) can make all the difference.

  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

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