Whale Wallet Bets Big on Monero, Targets $500
Monero's (XMR) price has surged nearly 10% this week, with a 5% daily gain pushing it back toward $400. The recent rally is looking bigger than just a routine rebound, with some crediting a newly created whale wallet for the momentum.
A $14.33 million long position in XMR, valued at approximately $500, has been opened by the whale, targeting $475-$516.
The positioning is notable because those targets sit directly around Monero's next major resistance area. If XMR continues higher, the whale's positioning could reinforce bullish sentiment as traders watch the same price zone.
However, holding above $390-$400 and establishing the former resistance as support would be a crucial step for XMR to continue its upward momentum. A successful retest would strengthen the trendline breakout and leave $440-$450 as the next target.