Mantra Soars to All-Time High
Mantra is an asset tokenization platform in the real world. The price explosion of its token, OM, has increased by over 40% in the last 24 hours. At the moment, it changed its record price on Nov. 16 to $2.71, placing OM in one of the best altcoin performers this year. It is up more than 10,000% in 2023, making Mantra a leading organization in the RWA space as it is the only cryptocurrency within this sector to realize a 100x return this year.
At the time of writing, OM changes hands at $2.29, pulling its market capitalization to $2.03 billion. Interestingly, 97.1% of OM holders are in profit, according to data from IntoTheBlock.
Catalysts Driving the Rally
Mantra’s October mainnet launch introduced significant advancements, including low transaction costs, enhanced security, and multi-chain asset transfer capabilities through Cosmos network integration. Additionally, Google Cloud joined as a primary validator and infrastructure provider, strengthening Mantra’s scalability and boosting investor confidence.
Increased Whale Activity
On-chain data reflects increased whale activity in the area around OM. One whale, alone responsible for 18.27 million OM accumulation since December 2023, added $2.62 million worth of the token on Nov. 16. Inflows to large holders jumped from 716,040 OM on Nov. 13 to 2.39 million OM on Nov. 15, indicating increased investor confidence.
Technical Indicators Reflect Bullish Momentum
According to technical analysis, OM is expected to continue in this bullish trend. OM is trading above the upper Bollinger Band on the 1-day OM/USDT chart at $2.0857, indicating an extremely strong uptrend. The ADX reading of 35.96 confirms this momentum because values above 25 represent a very strong trend.
Community and Airdrop Excitement
Community activity is also surging at Mantra, driven by the upcoming airdrop. Daily active OM addresses are up 573% over the last three days, reflecting increased interest and trading activity.
Price Outlook
The analysts also believe that OM could reach $2.50 anytime soon, which is the key psychological resistance. A breakout would trigger a price discovery phase upward that pushes the price higher. While a brief correction could be expected, it could also provide opportunities for accumulation both for retail and institutional investors.
With technical indicators and community momentum all aligned, Mantra doesn’t seem to slow down from its bullish trend.
