Mantra (OM) Reaches New All-Time High with 132% Weekly Increase
Analysts project an upward movement in Mantra's price as key indicators suggest potential growth.
Mantra has emerged as a leading performer in the altcoin market, with daily active addresses increasing by 570% to reach an all-time high.
Active Addresses Soar
Growing excitement among Mantra holders is linked to speculation about an upcoming airdrop. The cryptocurrency recorded an all-time high alongside a significant rise in daily active addresses.
Data indicates that daily active addresses for Mantra surged by 573% over three days, reflecting heightened trading activity and interest among holders.
$OM hits ATH again!
It’s one of the strongest players in the RWA section and a true point of pride for the Cosmos ecosystem
Plus, an airdrop is coming in the next days!
Exciting growth! pic.twitter.com/YBFxnj6uQB
— Cosmos Airdrops
(@Cosmos_Airdrops) November 14, 2024
Currently, OM trades 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 132% price increase, bringing its total market capitalization to over $3 billion.
Whale activity has also increased due to the recent price surge. Notably, a whale who held a significant amount of Mantra since December 2023 recently acquired additional coins to enhance holdings.
The whale purchased $2.62 million worth of OM tokens, adding to the existing 18.27 million coins owned. Additionally, net inflows from large holders rose to 2.39 million OM valued at $5.75 million on November 15, up from 716,040 tokens on November 13, indicating bullish sentiment among major investors.
OM Hits All-Time High
Market analysts report that Mantra's price rose nearly 50% in 24 hours, achieving a new all-time high.
Over the past year, the cryptocurrency has increased by more than 10,000%, positioning it among the top-performing altcoins. Mantra is noted as the only RWA-focused digital asset to achieve a 100-fold return this year and ranks 44th in total market capitalization according to CoinGecko.
Open interest in the coin’s futures market surged by 78.22% in the last day, reaching a record $115 million, significantly higher than the $24.70 million recorded in September.
Bullish Momentum
Analysts predict continued upward momentum for Mantra, as price charts indicate the token remains above the upper Bollinger Band at $2.0850.
This forecast aligns with the Average Directional Index reading of 35.96, which suggests a strong trend when values exceed 25.
Indicators suggest that Mantra may continue to rise, potentially experiencing another price rally in the short term.
Featured image from Pexels, chart from TradingView