The US elections last November injected fresh optimism into the cryptocurrency market, sending many digital assets to new heights. Bitcoin surged past its previous record, hitting a new all-time high of $110,000 just over three months ago.
Meanwhile, Monero (XMR), the leading privacy coin, experienced a solid rally of around 50% between November and February, peaking at $240, although it fell short of surpassing its all-time high.
That changed dramatically over the past 24 hours. Monero exploded in value, posting a massive green candle that propelled it to nearly $350, its highest level in almost four years, before settling at around $307, according to CoinGecko data.
During the surge, Monero’s market capitalization grew by about $2 billion in just a few hours, now standing just shy of $6 billion. This leap made XMR the 27th-largest cryptocurrency, overtaking popular altcoins such as Hyperliquid (HYPE) and Pi Network (PI).
Is an Even Bigger Rally on the Horizon?
Interestingly, this rally appears to have little connection to any major news or fundamental catalyst, at least for now. Instead, technical indicators seem to be fueling the optimism.
Crypto analyst JAVON MARKS examined Monero’s long-term price action and forecasted a potential move toward $484.44, suggesting a further +75% upside from current levels.
“With this target still in play, another near +75% upside to reach it can take place,” MARKS explained.
Similarly, respected analyst Edward Morra highlighted the significance of Monero’s breakout, noting that holders have waited four years for such a moment.
“Usually, you don’t fade this type of pump coming out of multi-year accumulation bottoms,” Morra remarked.
Another analyst, Mihir, pointed to the formation of a giant ascending triangle pattern on XMR’s chart, predicting a surge toward $465 if the bullish setup plays out.
Monero’s Moment After Years of Consolidation
Monero’s recent breakout showcases the power of long-term accumulation patterns, especially for coins that have maintained strong communities and use cases. While future price action always carries risks, the current technical setup suggests that Monero could have much more room to run — and possibly reclaim its place among the crypto elite.
