Outside Source
Mantra surged over 40% in the past 24 hours.
The real-world asset tokenization platform reached an all-time high of $2.71 on Nov. 16, with technical indicators suggesting potential for further gains in the short term.
Over the past year, Mantra (OM) has rallied by over 10,000%, establishing itself as one of the top-performing altcoins in the cryptocurrency market. This makes OM the only RWA-focused cryptocurrency to achieve a 100x return this year.
At the time of writing, the token’s market capitalization stood at $2.03 billion, with 97.1% of OM holders per data from IntoThe Block.
The open interest in OM’s futures market has surged by 78.22% over the previous day, reaching an all-time high of $115.64 million—significantly higher than the $24.75 million recorded at the beginning of September. A rise in OI suggests growing interest from investors, indicating increased trading activity and potential expectations of future price movements.
Catalysts for the rally
OM’s recent price surge comes amidst key milestones achieved by Mantra within the RWA sector.
In October, the project launched its mainnet, which delivers low transaction costs, enhanced network security, regulatory compliance, and multi-chain asset transfer capabilities through its integration with the Cosmos network.
Further Mantra has onboarded cloud computing giant Google Cloud as a primary validator and infrastructure provider for its blockchain network enhancing the platform’s security and scalability while boosting investor confidence.
Whale activity around OM has intensified following the recent price uptick. According to the on-chain data platform Spot On Chain, a whale who has amassed over 18.27 million OM since December 2023 recently added another $2.62 million worth of the token on Nov. 16.
Data from IntoTheBlock also points to a big jump in OM net inflows from large holders, rising from 716,040 OM on Nov. 13 to 2.39 million OM worth $5.75 million by Nov. 15. Such strong accumulation by large investors is perceived as a bullish sign.
Community momentum and technical indicators
The growing excitement within the Mantra community, fueled by an upcoming airdrop, has also contributed to the heightened activity around OM. The number of daily active OM addresses has surged by over 573% in the past three days, indicating heightened trading activity around OM—a positive signal for traders.
From a technical perspective, OM’s bullish momentum remains intact. On the 1-day OM/USDT price chart, OM was floating above the upper Bollinger Band at $2.0857 suggesting the altcoin is still on a strong uptrend which will potentially bring more price gains for its holders in the upcoming days.
The Average Directional Index ADX reading of 35.96 confirms the strength of the uptrend, as values above 25 typically mean the trend surrounding the related asset is strong.
These technical indicators suggest that OM may continue its rally in the short term, with a potential target at the psychological resistance level of $2.50. A breakout above this level could initiate a price discovery phase, enabling the token to reach new highs.
However, a pseudo-anonymous trader going by the moniker Scofield has predicted a brief correction before OM resumes its upward trajectory. If realized, this dip could present an opportunity for further accumulation by both retail and institutional investors.
At press time, OM was exchanging hands at $2.29 per coin.
This article first appeared at crypto.news
