Monad Price Prediction:74th Annual Treasure To MON
Monad (MON) has posted price increases of 74% this week, outpacing other investments, following the highly anticipated MainNet launch by the Investors and Entrepreneurs of the crypto industry. The launch is seen by many to be the first of many strides.
The launch is being seen as a potential game-changer and by many as the launch of a new dimension in the crypto market, as it has attracted many newcomers to the market with its new ultra-quick Laika 480 technology.
Monad Price Breakout Reshapes Chart Structure
The price chart shows a break after a few weeks of the price being wedged in a range. Investors in cryptocurrency helped the price of the currency reach potential new highs after a few weeks of restricted price horizontal movement of the asset.
The Dominant Positive trend of the cryptocurrency has been seen as an indicator of potential further increases.
Investors are continuing to show a great degree of interest as the market has seen a new cycle with the currency active and priced above the previous low of 0.03.
In the wake of the breakout, MON is currently Monad Price Breakout Reshapes Chart Structurearound $0.042, while the next level of resistance is around $0.047. The current price action suggests that as long as the buyers hold the points of $0.03 to $0.042, the bullish trend remains in place.
Mainnet Activation Drives Early Chain Adoption
Following the mainnet launch, we witnessed increased ecosystem activity, further fueling investor engagement and on-chain activity. Additionally, with the introduction of 10,000 TPS and low-cost transaction execution, we attracted the attention of developers and early adopters to Monad.
Several teams completed staging deployments, which contributed to an increase in real-time activity on the network, while the token’s visibility and liquidity were improved with cross-platform listings.
During the public sale at around $0.025, early buyers gained access to the token and quickly manipulated the price upward upon witnessing activity on the newly launched network.
Furthermore, the launch also sparked a narrative about the system’s speed and efficiency, which, in turn, spurred interactions with wallets and the execution of smart contracts.
The current on-chain activity suggests that MON is in demand and is being utilized actively by developers looking to test the network.
Summary
Monad has witnessed a price structure which has further tightened in the wake of the 53% increase, with the buyers taking back key support levels and forming a cleaner range to work with going forward.
The mainnet launch has further increased confidence in the market structure and has provided further bullish sentiment in the market. MON is currently at key resistance around $0.047 and is likely to determine the short-term trend.
A strong close above this level can further open more upside, while the reinforced mid-range zone can provide strong support to allow continued growth.
As a whole, the combination of a technical breakout and the growth of the network indicates a very likely bullish trend to continue in the short to medium term for MON.
