Monero (XMR) is trading above $477, nearing a yearly high, as bullish signals suggest a potential breakout above $500. On-chain and derivatives data indicate strong buying momentum, with technical indicators such as RSI and MACD supporting the upward trend. XMR futures open interest has surged to $95.42 million, reflecting increased market interest. Santiment's social dominance metric shows rising attention towards Monero, further bolstering its bullish outlook. The cryptocurrency's price has increased by 1.41%, marking its highest level since late November. Analysts are eyeing a key resistance level at $531.73 as the next target for XMR.