- XMR cleared the long-term resistance near the $460-$480 zone.
- Open interest hit a record $150 million, showing fresh leverage entering the market.
- Social and search activity surged after the breakout, led by Monero and Dash.
Monero pushed to a fresh all-time high near $608 after a sharp eight-day move higher. Price is now well above prior resistance from the $460-$480 zone, which had capped upside through most of 2024.
The weekly chart shows a clean breakout from an ascending channel. Momentum accelerated once price cleared the mid-$500s, with follow-through buying into the $600 area.
Leverage and Attention Rise Together
Open interest on XMR derivatives has reached a record $150 million. For an asset with roughly $11 billion market value, leverage remains moderate, but the direction is clear. Traders are adding exposure, not cutting it.
Search data also confirms rising attention. CoinGecko revealed that privacy coins are at the top of current interest rankings, with Monero and Dash leading short-term queries. This flow of attention arrived after the breakout, not before it.
Meanwhile, Santiment data shows crowd interest near recent highs, a pattern that often leads to strong rallies. Past cycles show that fast price increases with heavy social focus tend to cool before the next leg. That does not end a trend, but it often delays it.
Key Levels Ahead
Based on the weekly chart below, new all-time highs leave little historical resistance above $600. Extensions from the current structure point toward the $650-$700 range if momentum holds.
Related : Monero Price Prediction: XMR Maintains Uptrend Despite Pullback as Market Interest Expands
On the other hand, the first area to watch sits near $540-$560. A deeper pullback could test the prior breakout zone between $460 and $480. That level now defines trend support.
The indicators are also extremely bullish. The Relative Strength Index (RSI) is at 74, entering the overbought zone. There is a considerable chance that XMR could see a correction in the near future.
Meanwhile, the CMF indicator shows that inflows are increasing with investors piling up more money in XMR. The altcoin is up almost 50% in the past week and similar trends can be seen across other privacy tokens as well.
Related : Monero Price Prediction: Bulls Drive Recovery As XMR Eyes Multi Month Range Reversal
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Source: https://coinedition.com/xmr-hits-new-all-time-high-whats-driving-the-rally/
