Monero Price Soars 40% After Major Market Movement
Monero price soars 40% in a single day, setting the stage for renewed attention on privacy-focused cryptocurrencies. Following strong election-driven momentum in late 2024, Monero (XMR) has been on a steady climb, and over the last 24 hours, it recorded a massive green candle.
Monero Hits Four-Year High Before Slight Correction
XMR briefly touched $350, its highest price since 2020, before pulling back to around $307, according to CoinGecko data. Although it did not surpass its all-time high, Monero’s sharp surge boosted its market capitalization by approximately $2 billion, reaching $6 billion overall.
Monero Overtakes Pi Network in Market Ranking
Thanks to the surge, Monero now ranks 30th among all cryptocurrencies, overtaking the fast-growing Pi Network (PI). This reinforces Monero’s standing as the leading privacy coin amid rising concerns about financial surveillance.
Analysts Point to Technical Strength
Fundamentally, there is no clear news catalyst for the latest XMR rally. However, some analysts highlight strong technical indicators suggesting further upside potential. A user named JAVON MARKS noted that Monero might be targeting $484.44 based on long-term chart analysis.
Further Upside Still Possible
Given that XMR’s projected target remains active, analysts believe another upward move of nearly +75% could occur if bullish momentum continues. Monero’s combination of privacy features and robust technical trends keeps it on the radar for investors seeking decentralized alternatives.
