Monero broke above $600 for the first time on Monday, reaching a new all-time high of $611.01. Veteran trader Peter Brandt compared this breakout pattern of the privacy coin to the chart pattern that silver formed decades before reaching its all-time high.
What happened: XMR breaks through resistance level after years of resistance
This privacy-focused cryptocurrency surged nearly 21% in just one day, outperforming the broader market, with a weekly gain of 43%.
As interest in privacy tokens resurges, liquidity has flowed into the project, causing Monero's market cap to surpass $10 billion for the first time.
Brent mentioned in a post on X that the current Monero structure reflects the past pattern of silver. He explained that silver spent years in a accumulation phase below an upward trend resistance line before finally breaking through during a rally in Q4 2025. Silver's breakout started from a high of approximately $49.83 in 2011 and has since reached a recent high of $86.23.
Like Monero, a similar upward trend line has formed since the 2017 peak, and it was tested again in 2021 before experiencing a reversal. This time, however, the level has been broken upward.
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Why does it matter: Is it additional price discovery, or a correction?
Market observer TraderSZ has outlined three potential target ranges if momentum continues. The first target is $685, with extension targets ranging from $790 to $900, indicating approximately 50% to 80% upside potential relative to the breakout level.
Other analysts evaluate the current structure as still bullish, noting that buying pressure continues to flow in and there are no clear signs of distribution.
Meanwhile, skeptics warn that the years-long bullish wedge pattern since 2017 could signal a potential drop of around 50%, possibly retracing to near $300, if Monero fails to maintain the breakout level as support.
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