DEXE Surges 34% as Short Squeeze Sends Price to $24

DEXE, the native token of the decentralized protocol DeXe, climbed to a new yearly high of $24.3. The altcoin added another 34% gain, bringing its 2026 recovery profits to a whopping 1200%.

The latest move was partly triggered by a short squeeze that hunted liquidity created by leveraged short positions stacked between $21 and $24.5.

Worth noting, the rally ran on more than just perpetual demand. According to Nansen data, exchange balances slipped from 4.47 million to 4.44 million tokens. That meant more DEXE left exchanges than entered, a classic sign of spot accumulation during the sharp upstick.

If the spot accumulation spree continues, it could extend the uptrend. But from a chart perspective, the move ran straight into the 2025 peak. That level could turn the $24 area into a stubborn sell wall for profit-takers.

The candlestick wick at press time confirmed the thesis. The long upper wick showed buyers trying to clear the 2025 high, only for sellers to step in aggressively and push the price back down.

As of press time, DEXE traded at $21.25 and may consolidate above the $18 red zone. Bulls could attempt to regroup there before pushing higher, provided the broader market cooperates.

On the flip side, failure to defend the red zone could embolden short sellers to drag the altcoin into the $12-$14 range. Surprisingly, the bearish scenario looked more likely given where liquidity pools currently sit. The sharp move to $24 cleared most of the upside pools, leaving leveraged longs concentrated around $16-$17. In other words, a long squeeze could drag DEXE to those levels, conveniently overlapping with the red zone.

Overall, DEXE's recovery surged past 1200% and hit a 2025 peak of $24. But sellers appeared to be stepping in as of writing, and further profit-taking could pull the altcoin to $18 or lower.