- Monad (MON) processes $131M in just 48 hours with 360K trades and 21K traders.
- MON market cap reaches $374M despite public criticism from Arthur Hayes.
- Solana consolidates near $135–$140 with bearish momentum and weakening volume.
Solana’s ecosystem witnessed a rapid surge in activity following the launch of Monad (MON) by Sunrise DeFi. According to Solana Daily, within just 48 hours, MON processed over $400 million in trading volume, completing 360,000 trades and attracting over 21,000 unique traders. The influx of liquidity underscores how quickly the Solana blockchain responds to new token launches.
Monad (MON) currently trades at $0.03457, with a market capitalization of $374.54 million and a 24-hour volume of $408.5 million. The token has become the center of this week’s market activity, driven partly by Arthur Hayes, the former BitMEX CEO.
Hayes initially hyped MON, projecting it to $10, then reversed his stance days later, calling the token “dogshit” while publicly exiting his position. Blockchain analytics indicate, however, that the largest MON holders continued accumulation, suggesting that major players are unfazed by Hayes’ remarks.
Expert Vazi highlighted that MON recently corrected to the 4-hour buy zone, marking a critical decision point. If the price maintains support near the 0.75 Fibonacci level, further upside may be expected. Conversely, a breakdown could trigger a deeper retracement, signaling caution for traders entering late.
Solana Price Consolidates Amid Weak Momentum
Meanwhile, SOL/USD shows restrained price movement following a downtrend, currently trading around $137.31 with a 24-hour volume of $4.83 billion, up 31% from the previous day. The current price actions in the recent candles reveal that prices are ranging between $135 and $140.
It appears that the technical analysis factors are cautious. For the Relative Strength Index (RSI), it remains between 35% and 40%, indicating that there are no signs of strong bullish-driven moves in the market.
The Accumulation/Distribution line is at –3.4 million, indicating that there are outflows of money in the market, despite the stagnant prices in the case of Solana. The Volume Oscillator stands at –3.49%, indicating that there are signs of lesser trading activity in the current scenario compared to the long-term perspective.
It appears that the indexes could face much larger corrections based on the analysis of consolidation strength, lack of momentum, and declining activity. If support at $135 is breached, large losses are forecast using Fibonacci analysis, with the calculation of the 1.618 extension at $75.90 and the 2.618 extension at $16.61.
Although there has been public skepticism about MON from popular figures such as Hayes, it continues to lure both big and small traders. The first trading frenzy indicates how responsive Solana is to new tokens in terms of handling the amount of activity that takes place in them.
Also Read: Solana ETF Inflow Streak Ends After 22 Days, TSOL Slides
