- Monero jumped 7% to $260 after miners reversed Qubic’s attempted 51% attack.
- Kraken’s deposit suspension sparked panic, though the network stayed fully secure.
- XMR now tests $280 resistance, with $250 as key support for short-term stability.
Monero pulled off an impressive rebound over the weekend, climbing more than 7% on Sunday to reclaim the $260 zone. The move came just days after panic hit the market, when Kraken froze Monero deposits following rumors that mining pool Qubic had launched a 51% attack. At one point, the token plunged nearly 19%, but the fears turned out to be overblown. The network never stopped running, no double-spends happened, and miners eventually reversed the attempted takeover by redistributing hashrate more evenly across pools.
Kraken Panic vs. Community Resilience
The entire situation highlighted the delicate balance between centralized exchanges and decentralized networks. Kraken’s move to suspend deposits was seen by many in the Monero community as premature, driven more by social media panic than actual on-chain issues. Analysts like Smart Degen pointed out that Monero’s blockchain continued functioning flawlessly the whole time, reinforcing its reputation as one of the hardest networks to actually “kill.” The community’s swift response through P2Pool and coordinated miner action only added to that resilience.
Technicals Turn Bullish Again
From a price action standpoint, Monero has bounced hard from lows near $230, rallying close to 19% in just 48 hours. The next big test sits around $280, where resistance could trigger some profit-taking. If bulls manage to clear that level, the door opens to $300 and possibly even $320 if the wider crypto market improves. On the downside, $250 is now the critical support zone to hold. A break below could send prices back toward $230, especially if fresh regulatory headlines or exchange restrictions resurface.
Privacy Coins Back in Spotlight
Despite the scare, Monero’s recovery has drawn attention back to the unique role of privacy coins. While Bitcoin and most altcoins drifted sideways over the weekend, XMR’s rally stood out. The incident also sparked discussion about secure wallet solutions, with projects like Best Wallet (BEST) gaining traction as users look for reliable tools to store assets and earn yield safely. For now, the takeaway is clear—Monero faced one of its toughest weeks in years, yet came out stronger, reinforcing its image as the crypto that refuses to die.
