ALGO +4.3% as Market Slides: MEXC OI Jumps 31%
ALGO outperformed a soft crypto tape over the past 24 hours, climbing 4.3% to $0.0919 on Binance while BTC drifted to $77,120. OKX shows the same price at $0.0918, and the day's range ran from $0.0867 to $0.0930. ETH and SOL were down around 1% over the same stretch, which makes the move stand out.
ALGO's Rally Is Not a Squeeze
Spot turnover gives the move credibility. Binance cleared $13.3M of ALGO in 24 hours and OKX another $5.0M, so the buying is not happening on a stale book. Funding on Binance is slightly negative at -0.001% per 8 hours, which means longs are not paying up to stay in the trade. A move built on short covering usually shows funding flipping positive and short-side liquidation cascades; neither is visible here.
MEXC Carries the Open Interest Build
Total futures open interest rose 11% to $48.7M. MEXC accounts for most of the increase, with its book up 31.4% to $14.3M, giving the venue a 29.3% share of all ALGO positions. Binance holds the second-largest book at $8.2M after a modest 2.9% gain, Bybit reached $7.1M with an 8.3% increase, and KuCoin added 3.8% to $5.8M. OKX was the laggard, adding just 0.4% to $2.6M.
Cold Funding Changes the Read
Funding across the bigger venues averages near zero. Bybit, Bitget and Gate charge +0.01% per 8 hours, while Binance sits at -0.001%. That combination of rising open interest without a funding premium usually points to fresh longs entering at market prices rather than leverage chasing momentum. It is the opposite of the pattern seen in squeeze-driven rallies, where funding spikes and open interest climbs together.
Levels That Matter
The immediate resistance is $0.0930, today's high, and a close above it would extend the move toward the August range. On the downside, longs need to defend $0.0867, the 24-hour low where the latest buyers entered. If funding stays near zero while price grinds up, the move looks durable; a sudden flip to strongly positive funding would signal crowding instead.
Data as of 06:10 Beijing time on September 3, 2026, cross-checked against Binance and OKX, covering Binance, OKX, Bybit, MEXC, KuCoin, Bitget, Gate and Hyperliquid.