On April 8, Monad, the cryptocurrency linked to Layer 1 (L1) blockchain designed to improve Ethereum scalability, experienced a major rally on a daily chart following a bullish momentum in the overall crypto market, significantly soaring its value.

At the time of writing, Monad is currently trading at around $0.03165 with a spike of 21% in the last 24 hours. It currently holds a market capitalization of around $341 million, according to CoinMarketCap. The daily trading volume shot up by over 135%, reaching $166 million.

Monad Gains Momentum with New Developments on Network

According to popular technical indicators, Monad has entered into a bullish phase. The 14-day Relative Strength Index is currently above 65, and this level is…