Key Insights:
- Monero (XMR) price jumped 5.5% even after a 51% attack scare from Qubic.
- Funding rate and open interest show bullish trader sentiment.
- Spot inflows dropped fast, showing no major panic among holders.
XMR price has gone up 5.5% in just one day. The rest of the crypto market is mostly red. Bitcoin and Ethereum are down. The total crypto market cap has dropped below $4 trillion again. But Monero is moving the other way.
This comes right after a 51% attack scare and Kraken pausing Monero deposits. Yet, the cryptocurrency didn’t dip. In fact, it’s up. Here’s why that might be happening.
Derivatives Traders Are Still Bullish on Monero
Last week, a new mining project called Qubic claimed it could control over half of Monero’s network. That’s a big deal. It made people think a 51% attack might actually happen. Usually, traders pull back during events like this. But with Monero, something different happened.
The funding rate jumped to 0.1948%. That means more traders are paying to stay in long positions. This shows they expect the price to go up. Even with fear in the air, traders were still confident.
Also, open interest in futures rose to around $52 million. That’s the second-highest level since May 2025.
More money is entering Monero’s derivatives market. This adds pressure for the price to stay strong. It also shows traders are more interested in holding Monero than shorting it.
The derivatives data says that traders believe Monero can hold its ground. They didn’t expect the attack news to last or cause real damage.
It is worth mentioning that the derivatives often have more strength in pushing the prices up as compared to the spot market.
This happens because the derivatives market deals in bulk movements and thrives on short and long squeezes. Therefore, if the price moves aggressively in a given direction, the other side tends to get liquidated, pushing the prices up or down more rapidly.
Monero Spot Market Didn’t Panic Either
Let’s look at what happened in the spot market. Right after the Qubic news, some traders moved Monero to exchanges. That usually means selling pressure. But this didn’t last long.
Inflows to exchanges have now slowed down. That tells us traders are not scared anymore. If there were still fear, coins would keep flowing in to sell. Instead, things have calmed down.
Meanwhile, Chaikin Money Flow (CMF) has flipped to positive. That means more money is entering than leaving Monero. This is another reason the price has stayed strong.
We also saw a big spike in Monero search interest.
The Google Trends chart shows the highest interest level of the year. That means more people are watching Monero right now. More attention often brings more liquidity, and that helps prices stay firm.
Even though Kraken paused deposits, it didn’t lead to panic in the spot market. The story faded fast, and buyers stepped back in.
Monero (XMR) Price Holding Up: What’s Next?
XMR price is now trading close to $268. The chart shows support around $263, which is the 0.236 Fibonacci level. If that holds, XMR price could head towards $280 and maybe even $314.
But if it falls below $263, the next possible drop could be towards $248. That’s the risk. Still, right now, XMR is showing no signs of weakness.
There’s also no large whale dumping. No huge sell moves have been spotted. That gives more breathing space for the price to grow.
Even with scary headlines, Monero didn’t give in to the negative sentiments. The Qubic situation looked bad at first, but markets didn’t react the usual way. Derivatives traders stayed confident. Spot inflows dropped fast. Buyers came back.
These are the probable reasons why the Monero price didn’t crash. In fact, it went up.
