The cryptocurrency Monad (MON) gained about 13% in 24 hours, outperforming a pressured broader market. The surge was attributed to a 140% spike in trading volume and hype surrounding the launch of the Nitro accelerator for developers. However, technical indicators suggested the rally’s momentum was fading, with the price trading in a sideways consolidation pattern.
The crypto market remains under pressure, but Monad showed resilience with a 13% gain. This occurred as newer tokens with compelling narratives continued to attract investor attention.
Monad’s price rallied after its trading volume spiked by more than 140%, surpassing $160 million. This indicated strong, concentrated buying interest overpowering broader market selling pressure.
Moreover, social media discussions were fueled by the introduction of the Nitro accelerator. The program opens opportunities for developers across all chains to turn funded projects into global products with actual reach.
On the on-chain front, the network’s Total Value Locked (TVL) has been rising since Monad’s launch on December 22nd. The TVL reached $628 million, representing an increase of more than 4%.
Although fundamentals demonstrated strength, the price action showed a divided directional bias. On the 4-hour chart, MON price was trading in a sideways market between $0.01679 and $0.01979.
A breakout above this range was met with an immediate rejection back into the consolidation. This signals that the recent rally might not last.
Technical indicators showed momentum was fading and capital was leaving the asset. The Chaikin Money Flow (CMF) was declining at -0.09 as of the time of writing.
From a technical perspective, MON was trading toward the lower support at $0.01679. Successfully breaching the $0.01979 resistance would be required for a shift in market structure.
