Convex Finance's price has experienced a remarkable surge over the past day, with a 100% increase in value. At the time of writing, the asset is trading at $4.28, a level last seen in late March during a brief cryptocurrency market upswing. This sudden rally has led to a significant increase in trading volume, with the daily volume reaching $150 million, a 2,800% jump from the previous day.

The market capitalization of Convex Finance has also seen a substantial rise, reaching $415 million and placing it as the 155th-largest digital currency. The total value locked (TVL) in the Convex Finance decentralized finance (defi) protocol has increased by 1% over the past day, currently sitting at $1.31 billion.

Convex Finance allows liquidity providers on Curve Finance to stake their tokens on the platform and earn a share of the trading fees in cvxCRV tokens without putting their liquidity on Curve Finance. This unique feature has attracted traders, leading to a significant increase in the total open interest in CVX, which has risen by 151% in the past 24 hours.

However, data from market intelligence platforms suggests that traders are currently betting on CVX's price fall. The total funding rate aggregated by CVX has dropped from 0.01% to negative 0.17% over the past day, indicating that traders are anticipating a downturn. Additionally, the relative strength index (RSI) has surged from 34 to 70 in the past 24 hours, indicating that CVX is overbought and potentially subject to whale manipulation.

As a result, Convex Finance is currently a highly volatile asset due to the sudden increases in its open interest and RSI. Traders are likely to be cautious, anticipating a potential price correction in the near future.