Monero Surges 11%, Eyes $546 Target as THORChain Upgrade Boosts Liquidity
Monero's price has surged 11% in recent days, reaching a high of $520 and reclaiming the $500 mark. This uptrend is largely driven by the THORChain network upgrade, which introduced native support for Monero swaps against Bitcoin, Ethereum, and stablecoins.
The upgrade has improved XMR's access and liquidity, making it easier for investors to trade on decentralized exchanges. As a result, traders have returned with strength, with the altcoin's Open Interest (OI) surging 16% to $304 million, while the Derivatives Volume rose 319% to $325 million.
The Long/Short Ratio has also climbed above 1, indicating that most traders are bullish and betting on further gains. Momentum indicators, such as the Stochastic Momentum Index (SMI) and Relative Strength Index (RSI), also suggest that upside momentum is strong with buyers in control.