Monero Soars to Seven-Month High as THORChain Opens Native Swaps

Monero's price surged to nearly $530 on August 31st, marking its highest level since January. The rally was sparked by THORChain's network upgrade, which added native support for XMR swaps and provided users with a direct route into the privacy-focused asset.

The move gave Monero a fresh catalyst, despite it being one of the few top-100 cryptocurrencies that saw gains in a weaker market. Its market value approached $10 billion, overtaking Chainlink and Cardano to rank 13th among cryptocurrencies.

However, analysts are cautioning that the rally may be stretched after a 43% monthly gain. Monero's Relative Strength Index stood near 77, above the 70 level commonly associated with overbought conditions and a higher risk of short-term correction.