Experts believe that Mantra’s price is poised to increase as key indicators suggest a potential surge.
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The cryptocurrency has emerged as one of the top performers in the altcoin market, with a 570% spike in daily active addresses reaching an all-time high.
Remarkable Increase in Active Addresses
Analysts have noted a growing enthusiasm among Mantra holders in anticipation of a possible airdrop in the near future. Cosmos Airdrops made the announcement following the coin’s new all-time high and a significant rise in daily active addresses.
Data reveals that the cryptocurrency’s daily active addresses surged by 573% in the last three days, indicating a heightened interest among holders and increased trading activity.
$OM hits ATH again! π
Itβs one of the strongest players in the RWA section and a true point of pride for the Cosmos ecosystem βοΈ
Plus, an airdrop is coming in the next days! π πͺ
Exciting growth! pic.twitter.com/YBFxnj6uQB
β Cosmos Airdrops πͺ (@Cosmos_Airdrops) November 14, 2024
Currently, OM is trading at $3.35 per coin, marking a new all-time high, with a 24-hour trading volume exceeding $674 million. Over the past week, Mantra has seen a remarkable 132% price surge, with a total market capitalization exceeding $3 billion.
Furthermore, whale activity has seen an uptick following the recent price surge. Spot On Chain revealed that a whale who has held a substantial amount of Mantra since December 2023 recently acquired more coins to increase their OM holdings.
The whale purchased $2.62 million worth of OM tokens in addition to the 18.27 million coins they already possessed.
Moreover, Mantra’s net inflows from whales or large holders surged to 2.39 million OM worth $5.75 million on November 15, up from 716,040 tokens recorded on November 13. Analysts view the increased interest from large investors as a bullish sign for the OM market.
OM Achieves All-Time High
Market analysts report that Mantra’s price surged by almost 50% in the last 24 hours, propelling the coin to a new all-time high.
Over the past 12 months, the cryptocurrency has seen a growth of over 10,000%, positioning it as one of the top-performing altcoins in the crypto market.
This milestone solidifies Mantra as the only RWA-focused digital asset to achieve a 100x return this year. According to CoinGecko, Mantra is ranked 44th in terms of total market capitalization.
Additionally, analysts noted a significant increase in open interest in the coin’s futures market, which rose by 78.22% in the previous day, reaching a new high of $115 million. This marks a substantial increase from $24.70 million in September.
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Bullish Outlook
Analysts predict that Mantra is likely to continue its upward trajectory, as the price chart indicates the token is trading above the upper Bollinger Band at $2.0850.
Data from the Average Directional Index reading confirms this forecast, with the token recording 35.96, indicating a strong trend surrounding the digital asset. Values above 25 typically suggest a robust trend.
Market observers believe that based on these indicators, Mantra could experience further growth and potentially witness another price rally in the short term.
Featured image from Pexels, chart from TradingView