On June 7, CC rose to $0.1652, a single-day increase of 10.61%, with trading volume increasing to approximately $35 million. Market attention was focused on the institutional adoption progress of Canton Network and DTCC's planned soft launch in July, factors that drove funds back into the token.

Exchanges still show net outflows

Despite the significant price increase, on-chain exchange flows did not show signs of concentrated selling. Data shows that approximately $1.97 million flowed into exchanges that day, while approximately $2.05 million flowed out, resulting in a net outflow of nearly $80,000.

This means that some holders are more inclined to transfer their tokens out of the trading platform rather than prepare to sell immediately. Considering the price increase, this flow is generally more akin to accumulating rather than distributing. Although the net outflow is not large, the fact that it continues during an upward trend indicates that the number of tokens available for trading in the market has not increased significantly.

Derivatives sentiment remains largely positive.

Derivatives data also shows that bullish sentiment has not weakened significantly. The OI weighted funding rate remains in the positive range of 0.0072%, indicating that long positions are still willing to pay costs to maintain their positions.

This indicator, which had previously been in negative territory for several consecutive days, has recently turned positive, reflecting a recovery in market sentiment. Current funding rates remain moderate and do not indicate overheating, but suggest that short-term traders still have some expectation that prices will continue to rise.

$0.1668 becomes the short-term focus.

From a price movement perspective, CC rebounded quickly after finding support near $0.1470 and is currently testing the key resistance zone of $0.1668. This level has repeatedly limited gains in the past few months, making it a key price level to watch in the short term.

Meanwhile, the Relative Strength Index (RSI) rose to 60.13, indicating that buying momentum is strengthening, but it has not yet entered a clearly overbought zone. If demand continues to increase, prices may have further upside potential.

If buying pressure can turn the $0.1668 level into support, market expectations for $0.20 may further increase. Conversely, if resistance is encountered again in this area, CC may return to its previous range-bound trading.