Monad's MON token has declined roughly 14% over a two-day period, falling from approximately $0.034 to near $0.029. The sharp pullback comes after the token climbed from below $0.027 to nearly $0.036 early in October before encountering significant selling pressure.
During Tuesday's trading session alone, MON fell nearly 8%, reaching an intraday low around $0.0282. Trading volume increased during the sell-off, indicating substantial activity on the downside, though the specific reasons for individual trades cannot be determined.
Support levels in focus
The $0.028–$0.029 price range now represents the first line of defense for buyers. This zone has held significance in MON's price history, having bounced around this level before the token's late-September breakout higher.
If the $0.028 support holds, buyers could consolidate positions and potentially attempt to reclaim the $0.030 level. Recovery to $0.032 would require renewed buying pressure, though the $0.034 level previously rejected such rallies.
Breaking below $0.028 would shift the outlook more bearish. The next support zone sits around $0.0265–$0.027, levels that supported the earlier breakout. A break below that area could push MON toward $0.025.
Current status
Despite the sharp correction, MON remains above its broader price averages, indicating the recent upward structure has not completely collapsed. However, buyers have limited room to absorb additional selling pressure at current levels.
