Mantle Token Surges: Can bullish Run Continue?
Mantle’s price has skyrocketed over 125% in teh past month, hitting a new all-time high of $2.86. However,will this upward trend persist?
On October 9,Mantle (MNT) reached its peak at $2.86, according to crypto.news. It then settled at $2.71. This surge represents a 41.8% increase in seven days and a 127% rise over 30 days.
trading volume and market cap have also soared. Daily volume jumped from $263 million to $717 million, while market cap climbed from $3.8 billion to nearly $8.8 billion.
Despite this bullish momentum,some on-chain data raises concerns. Smart money wallets, which hold significant liquidity, have been selling off their MNT holdings. According to Nansen, these wallets reduced their holdings from 35.31 million to 17.06 million tokens.
Smart money exits can signal a potential pullback. However, retail demand seems to be absorbing this selling pressure. Recent partnerships, like the one with World Liberty Financial, have boosted retail interest.
Open interest in Mantle’s futures market has also surged 24% to $506.97 million. The positive weighted funding rate and a long/short ratio of 1.07 indicate strong bullish sentiment.
Three key catalysts drive this momentum: a new RWA service, the USD1 stablecoin partnership, and integration with Bybit.
Technically, Mantle has broken out of a double bottom and a rising parallel channel, signaling a strong bullish trend.Though, with an RSI of 84, it’s in overbought territory, hinting at a possible correction.
The key resistance is at $3. Breaking above this could push prices toward $4. Support lies at $2.36, crucial for maintaining the rally.
