Monad price drops to $0.024 support amid debate over fair valuation

The price fell about 19% over the past day and more than 50% from its first-week high of $0.048. The market has shifted into a cooling phase after rapid growth, and the debate over the project’s fair value has added further pressure.

Spot trading volume rose 35% to $525 million, showing strong activity even as the price declined. Derivatives paint a different picture: futures volume increased 20% to $26.5 million, but open interest fell 13% to $3.1 million, signaling position closures and reduced appetite for volatility.

The week’s central event was a public clash between BitMEX cofounder Arthur Hayes and the Monad CEO. Hayes argued that the token’s fully diluted valuation is far too high for a young network and that its token distribution heavily favors early investors. He also suggested that MON could drop 99%.

The Monad CEO dismissed the criticism, saying the valuation is supported by the project’s funding, code quality, and long-term roadmap. The exchange quickly spread across social media, prompting some early holders to trim positions. The dispute didn’t trigger an immediate crash but shifted market sentiment.

After peaking above $0.048, MON entered a steady downtrend. The price is holding near the bottom of its range, and technical indicators point to ongoing weakness. MON is trading near the lower Bollinger Band, and the relative strength index sits in the 30–40 range, leaving room for further selling pressure.

Selling volume continues to dominate: the largest spikes appear on red candles, particularly during breaks of local support. Attempts to defend the $0.03 level failed, and an average directional index above 50 confirms a strong trend.

The $0.024 level has become a key support zone. Holding this area could allow the price to stabilize and return to the $0.027–$0.030 range. A breakdown, however, would open the way to low-liquidity levels reminiscent of the token’s earliest trading days.