Latest Monad (MON) Price Analysis

Deep Dive

1. Hack-Driven Selling Pressure

A coordinated attack hijacked a dozen DeFi websites on October 30, using Step Drainer malware to steal funds. Onchain data shows attackers routed about $138,000 in proceeds to wallets on the Monad network, where they redeemed staked MON and withdrew from lending protocols before converting to MON (The Block). This created direct, localized selling pressure on the token.

What it means: The price dip is a specific reaction to malicious onchain activity, not a fundamental issue with the Monad chain itself.

Watch for: Any further movements from the identified hacker wallets that could indicate more selling.

2. Low Volume & Lack of Support

The sell-off occurred amid notably thin market conditions. MON's 24-hour trading volume dropped 45.98% to $8.7 million, and its turnover ratio is a low 3.78%. This low liquidity means even modest sell orders can have an outsized impact on price.

What it means: Without significant buy-side interest, the token was vulnerable to the hack-related selling, amplifying the downward move.

3. Near-term Market Outlook

The immediate trigger was the hack, but no further coin-specific catalysts are visible. The broader market is in "Fear" territory (Fear & Greed Index: 35), which dampens risk appetite for altcoins like MON.

What it means: The trend is bearish in the very short term, driven by a specific event. A recovery would require the selling to be fully absorbed and for positive sentiment to return.

Watch for: MON needs to hold the $0.019 level. A break below could see a test of support near $0.018. Conversely, a reclaim of $0.020 would signal selling pressure is easing.

Conclusion

Market Outlook: Bearish Pressure Monad's price is reacting to forced selling from hacked funds, exacerbated by low liquidity. While the chain's utility was highlighted by high utilization in DeFi pools like Aave, this was overshadowed by the security incident.

Key watch: Monitor the identified hacker wallets for further MON movements and see if trading volume recovers above $15 million to provide better price stability.