- On Wednesday, Monad’s price soared by over 21% on a daily chart in the last 24 hours, with a market capitalization of $342 million, helping its price rise above $0.0316.
- This upward momentum in the cryptocurrency followed a rally in Bitcoin (BTC), soaring its value above $71,000 in just a few hours after Trump’s ceasefire announcement.
- Major developments have boosted investors’ confidence, such as a bridge that connects Coinbase wrapped Bitcoin from the Base network directly to Monad and other major partnerships
On April 8, Monad, the cryptocurrency linked to Layer 1 (L1) blockchain designed to improve Ethereum scalability, experienced a major rally on a daily chart following a bullish momentum in the overall crypto market, significantly soaring its value.
At the time of writing, Monad is currently trading at around $0.03165 with a spike of 21% in the last 24 hours. It currently holds a market capitalization of around $341 million, according to CoinMarketCap. The daily trading volume shot up by over 135%, reaching $166 million.
Monad Gains Momentum with New Developments on Network
According to popular technical indicators, Monad has entered into a bullish phase. The 14-day Relative Strength Index is currently above 47, and this level is showing a building upward pressure. However, this does not suggest an overbought condition.
A bullish crossover took place last week between the 50-day moving average and the 200-day moving average. According to experts, this pattern might be the beginning of the longer-term uptrends.
(Source: TradingView)
There is a major support level at around $0.026, while a strong resistance level revolves around $0.032.
The price movement was witnessed after a growth in on-chain activities, as active addresses are continuously growing. This growth on the Layer-1 network has sparked a rally in the cryptocurrency. However, many financial experts are saying that the rally is only backed by pure speculation.
Various technical factors and major developments played an important role as the token broke through previous resistance zones. That move attracted new buyers.
However, one of the major catalysts in this bullish momentum in the cryptocurrency market is the de-escalation news in the ongoing war in the Middle East. On April 7, U.S. President Donald Trump cancelled his plan to launch a military strike on Iran at the last minute and declared that the U.S. and Iran had mutually agreed to maintain a ceasefire for two weeks.
Institutional inflows into Bitcoin and expectations around regulatory clarity have supported the overall market. Apart from this, the steady progress in the CLARITY Act has uplifted the investors’ confidence in the crypto market.
This news has sparked euphoria in the traditional financial world. Immediately after this, Bitcoin (BTC) soared above $72,000 after consolidating below $70,000 for a long period of time.
The cbBTC bridge has been activated through Chainlink. This bridge connects Coinbase wrapped Bitcoin from the Base network directly to Monad. The integration unlocks more than $5 billion in Bitcoin-backed liquidity for decentralized finance applications on the Monad chain. This will allow developers to build lending, borrowing, and trading products that use real Bitcoin exposure.
The system will maintain 1:1 backing and secure cross-chain validation. Many projects, including Morpho, Uniswap, and Curve, have already launched cbBTC markets. This has boosted overall activity and capital efficiency on the network.
Total value locked on Monad has reached $383 million following major partnerships with the New York Stock Exchange and Securitize. This alliance is focusing on building a 24-hour platform for tokenized securities.
These partnerships improve asset transfers across exchanges. This will also attract institutional capital by ensuring regulatory compliance and operational efficiency.
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