Trader and analyst Peter Brandt said on October 21, 2026, that Monero’s chart resembled silver before its rally to $125. The comparison came as XMR climbed above $600 and futures open interest recovered, while Santiment said the wider market activity remained concentrated in specific segments.

In the post, Brandt wrote, “With the exception of the Jan 2026 OOL movement, the chart structure in $XMR reminds me of Silver prior to its run to $125 $SI_F https://t.co/VE0VXH5YE9”

Monero futures open interest rises

According to Santiment, open interest in XMR futures stood at $198 million as of October 20. That was below the September 5 reading of $208.8 million. The October 20 figure was the fifth-largest daily close of the past year.

Measured in the underlying asset, open interest was about 329,000 XMR, compared with roughly 402,000 XMR on September 2. From October 15 to October 20, open interest rose about 22% as XMR’s price climbed above $600.

Santiment also reported a change in funding rates. The seven-day average funding rate peaked at about 2.7 times its average for the period from June 23 to October 13. That peak occurred from September 28 to October 4. From October 14 to October 20, the metric fell to about 0.9 times the average.

Open interest was therefore recovering while the funding rate remained below its average level. Santiment said this indicated more restrained conditions than in early October.

Gains remain concentrated

Santiment also highlighted gains in specific parts of the cryptocurrency market, including Zcash, M and PEPE.

Analysts linked the interest in privacy coins to Monero’s privacy upgrades and upcoming improvements to the Zcash network. They attributed the memecoin rebound to a speculative bounce following recent sell-offs.

Santiment said the moves represented a selective rotation of capital rather than a broad market upswing, with most major altcoins remaining relatively inactive. According to the platform, the momentum indicated sustained risk appetite, but capital was concentrating in particular segments.

Santiment said the strength of individual assets should not be viewed as confirmation of a full altcoin recovery unless the rally spreads to a broader portion of the market.

Brandt previously predicted that bitcoin would rise to $250,000 in 2029.

Source: Incrypted