Monad’s 55% jump after launch; Why are analysts optimistic about the continuation of the MON rally?

study time: 2 minutes

Cryptocurrency Monad (MON) has caught the attention of traders after its mainnet launch on November 24th, with a massive 55% growth. This rapid rise shows the acceptance of users and the high scalability of the network.

Contrary to the downtrend of the overall crypto market, the Monad price chart has a strong structure and buyers have retaken key areas and formed a solid floor for the continuation of the uptrend.

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Currently, MON is trading around $0.044, with the main resistance in front of it at $0.047. Holding the current support is critical to stabilize the uptrend, and breaking this resistance could pave the way for further growth.

The launch of the mainnet increased the activities in the Monad ecosystem. This network offers the ability to process 10,000 transactions per second and the cost of implementing its contracts is low. Teams and early users quickly started testing and interacting with the network, and with the increase in the activity of wallets and smart contracts, the demand for MON also increased.

All in all, the combination of the price jump and the successful launch of the mainnet has increased traders’ confidence in Monad and paved the way for continued short- and medium-term growth.