Monad (MON) reached a record $868.64 million in total value locked on Aug. 10, but weak demand still leaves its latest rally without strong confirmation.
Key Points:
- Monad TVL hit a record $868.64 million before easing to $856.78 million.
- Stablecoin supply crossed $670.07 million, adding more capital that could rotate into MON.
- Thin netflow, negative accumulation data and an ADX of 15 still point to limited buying conviction.
Monad TVL Record
Monad’s total value locked climbed to $868.64 million over the past day before slipping to $856.78 million. The new high shows more capital entering Monad, but MON’s price structure remains unresolved.
Stablecoin market capitalization also rose to a daily high above $670.07 million. A larger stablecoin base can increase deployable liquidity across an ecosystem, although it does not guarantee that the capital will move into MON.
The token is trading inside an apparent bullish triangle, with price compressed between descending resistance and horizontal support. A break above resistance could open room for further gains, while a loss of support would leave MON exposed to new local lows.
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MON Demand Test
Demand has not matched the growth in on-chain capital. Netflow over the past day showed demand exceeding supply by only $530,420, while cumulative growth reached just $1.43 million over the previous 15 days.
That leaves the breakout case dependent on a clearer increase in buyer activity. Without stronger spot demand, the token could remain trapped inside the current structure even if network liquidity continues to expand.
Technical indicators show some positive movement but little conviction.
TradingView data put the accumulation/distribution line at minus 745 million in weighted volume, while the average directional index was rising but remained at 15.
An ADX reading above 25 is generally associated with a stronger trend, so the current level suggests momentum is still limited. The accumulation/distribution reading remains negative, showing sellers have controlled much of the recent volume.
Over the past 15 days, MON has added only $1.43 million in cumulative demand while distribution has stayed deeply negative. That recent imbalance explains why record TVL and stablecoin supply have not yet translated into a sustained price advance.
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