Monero Soars to 7-Month High Amid Network Upgrade Boost

Monero (XMR) has defied market conditions to hit a 7-month peak, rising by over 43% in just one month. The asset's price briefly surged past $530, its highest level since January this year.

The rally is attributed to several factors, including THORChain's network upgrade, which introduced native support for XMR swaps. This move has been seen as a major catalyst for the asset's rise.

Despite the bullish predictions, there are concerns that Monero may be overbought, with its Relative Strength Index (RSI) standing at 77. A reading above 70 suggests the asset is due for a correction.

The fact that investors have abandoned centralized platforms in favor of self-custody, reducing immediate selling pressure, is also seen as a positive sign for the asset's future performance.