Monad's price has been on the rise in recent days, with a 14% increase in the past 24 hours putting it among the top gainers in its market cap category. However, despite this growth, the altcoin still faces a significant barrier that could limit its upside potential.
The resistance level at $0.025 has proven to be a formidable obstacle for Monad's price, having been rejected on four separate occasions over the past two months. If buyers are unable to push through this level, the price may drop back down to $0.022, according to technical analysis.
On the other hand, growing network activity in the Monad blockchain could be a bullish sign for the altcoin's price. The Daily Transactions metric has jumped by 14% over the past three days, while Total Transactions have reached an all-time high of 237.9 million.