Mantra experienced a remarkable surge of over 40% in the last 24 hours, reaching an all-time high of $2.71 on November 16. Technical analysis indicates the potential for further upside in the short term. Over the past year, Mantra (OM) has seen an impressive rally of over 10,000%, making it one of the top-performing altcoins in the cryptocurrency market. It stands out as the only RWA-focused cryptocurrency to achieve a 100x return this year.
Currently, the market capitalization of the token sits at $2.03 billion, with 97.1% of OM holders according to data from IntoTheBlock. The open interest in OM’s futures market has skyrocketed by 78.22% in the previous day, hitting an all-time high of $115.64 million. This surge in open interest suggests a growing interest from investors, leading to increased trading activity and potential expectations of future price movements.
The recent price surge of OM can be attributed to key milestones achieved by Mantra within the RWA sector. The project launched its mainnet in October, offering low transaction costs, enhanced network security, regulatory compliance, and multi-chain asset transfer capabilities through integration with the Cosmos network. Additionally, Google Cloud has joined as a primary validator and infrastructure provider for Mantra’s blockchain network, enhancing security, scalability, and investor confidence.
Whale activity around OM has intensified following the price increase. A whale who has acquired over 18.27 million OM since December 2023 added another $2.62 million worth of the token on November 16. Large investors have also been accumulating OM, with net inflows rising significantly, indicating bullish sentiment.
The Mantra community’s excitement, driven by an upcoming airdrop, has further fueled activity around OM. Daily active OM addresses have surged by over 573% in the past three days, signaling increased trading activity and positive momentum for traders.
On the technical side, OM’s bullish momentum remains strong. The altcoin was seen above the upper Bollinger Band at $2.0857 on the 1-day OM/USDT price chart, indicating a strong uptrend. The Average Directional Index (ADX) reading of 35.96 confirms the strength of the uptrend, suggesting the potential for continued price gains in the short term. A breakout above the psychological resistance level of $2.50 could lead to a price discovery phase and new highs for the token.
Despite the positive outlook, a trader known as Scofield has predicted a brief correction before OM resumes its upward trajectory. This correction could present accumulation opportunities for both retail and institutional investors. At the time of reporting, OM is trading at $2.29 per coin, showing resilience and potential for further growth in the near future.
