Mantle Defies Market Drop With 31% Weekly Surge Amid RWA Adoption
Mantle (MNT) is experiencing a significant price increase, rising 4% daily and 31% weekly, reaching around $2.44 after hitting an all-time high of $2.47 on October 7.
- The rise is driven by the launch of a compliance-focused Real-World Assets (RWA) “Tokenization-as-a-Service” suite at Token2049.
- World Liberty Financial's USD1 stablecoin, with a $2.6 billion market cap, will be introduced on Mantle, enhancing its DeFi and payment capabilities.
- A partnership with Bybit, which processes over $30 billion daily, increases Mantle's exposure to global traders.
Market Performance Indicators
- Spot activity surged, with daily volume increasing from $125 million in early September to over $612 million, and market cap nearly doubling to $7.3 billion.
- Open interest in derivatives rose 26% to $4.85 billion, with positive funding for nearly two weeks.
- Mantle's technical indicators show bullish trends, invalidating bearish patterns and forming a "golden cross" on moving averages.
Challenges and Technical Levels
- "Smart money" holdings decreased by 49% over 30 days, indicating selective profit-taking.
- Support is identified between $2.00–$2.10, with a critical resistance level at $2.60.
- A strong close above $2.60 could lead to a potential rise towards $2.85–$3.00.
Failure to surpass $2.60 might result in a fallback to the $2.20s range. Mantle's RWA initiative and integration aim to sustain its position despite broader market uncertainties.