Monad (MON) is attracting attention in the crypto market with the development of positive technical formations, according to a revelation disclosed today by market analyst RoccoBullBottom. MON is the cryptocurrency powering Monad’s EVM-compatible Layer-1 blockchain solution, designed to address performance and scalability limitations in existing chains such as Ethereum and others.
As indicated by CoinGecko data, Monad’s price has been declining over the past month. Today, MON recorded a further 4.5% decrease seen over the past 24 hours. Also, the crypto asset has been down 0.1% and 28.1% over the past week and month, respectively, reflecting ongoing market difficulties.
However, today the analyst identified key metrics that suggest that a rebound is not just coming, but is also set to bring a major shift that could enable MON to hit the $0.1 mark.
Why Monad Is Ready to Take Off
According to technical data shared today by RoccoBullBottom, the analyst identified that Monad shows strengths as it remains above a trendline, which has supported it for multiple weeks (more than a month now). As per the analyst’s observation, MON is currently testing a long-term support level that it has been holding firm for the past five weeks. Testing this long-established support trendline is a positive indicator, signaling that MON’s downtrend is slowly weakening.
As per RoccoBullBottom’s revelation, this means that buying pressure continues to build up in the Monad’s market from its current levels, a momentum that is set to push MON price higher. This explains that the reason the analyst believes that MON is soon breaking out as the market appears ready for a massive jump.
As per MON’s daily chart (as pointed out by the analyst), despite the downturn movements, the asset has been holding firm around the $0.01722 support level. Historically, a move to retest this long-term trendline typically brings about a strong surge, with the analyst believing that the technical formation is ready to enable MON to experience a massive price pump to the $0.1 mark, a 48x growth from its current price level.
MON Network Activity Rising
The setup of the technical structure above indicates that Monad is regaining enthusiasm among crypto users. One of the catalysts behind this renewed user confidence is Monad’s recent network upgrade proposal for its ecosystem. Last week, on Thursday, January 22, Monad announced a network upgrade proposal, popularly known as ‘MONAD-NINE,’ which is set to be activated both on the network’s testnet and mainnet in early this month, February. The upgrade includes several core enhancements aiming to improve the Monad network’s efficiency and predictability.
Another contributing driver for MON’s momentum is strong DeFi liquidity inflows into the Monad’s network. An indicator of this is Kintsu, a liquid staking protocol, which unveiled its new DeFi yield product, called SuperMON, on the Monad blockchain, last week on Wednesday, January 21. Since the launch, Monad’s TVL has increased by more than $100 million, currently standing at $227.67 million, according to DeFiLlama metrics, an indicator of rising capital inflows into the network.
