Monero surged 11% on the day, reclaiming $500 and touching a high of $520. The rebound was not tied to a specific event, but investors have grown optimistic following a THORChain upgrade that added native XMR swaps. Open interest and derivatives volume both jumped as traders piled into the move, and momentum indicators point to further gains toward $546 if demand holds.
Monero reclaimed $500 and pushed to a high of $520 after XMR surged 11% on the daily charts, trading around $516. Trading volume climbed alongside the price move, surging 206% over the same period.
A THORChain upgrade behind the move
The rally was not tied to a specific event over the past days, but investors have grown optimistic following a structural upgrade. The THORChain 3.2 upgrade introduced native support for Monero swaps against Bitcoin, Ethereum, and stablecoins.
This matters because Monero faces restrictions on centralized exchanges. The upgrade lets holders swap XMR non-custodially on a cross-chain decentralized exchange, which has meaningfully improved the token's access and liquidity.
Speculators pile into the rally
Traders returned to the market with strength, incentivized by the upgrade. According to CoinGlass data, Monero's open interest surged 16% to $304 million at press time. Over the same period, derivatives volume rose 319% to $325 million.
Rising open interest alongside rising volume reflects greater market participation and capital inflow, with traders deploying fresh capital into new positions. Meanwhile, the long/short ratio climbed to 1.08, excluding Binance's top traders, implying most traders were betting on further gains.
Momentum points toward $546
Monero's bullish pressure has intensified as demand becomes sustainable, strengthening the upward move. The Stochastic Momentum Index climbed to 60, pushing deep into bullish territory. The RSI extended into overbought territory at 80, suggesting buyers hold firm control of the market.
Both indicators suggest the current trend is likely to continue. If demand holds, Monero could reclaim $527 and target $546 in the short term. However, if the upside attempt fails again, XMR is likely to fall below $500, with $460 as a key support level.
Source: AMBCrypto
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