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MANTRA is a security-first real-world assets (RWA) Layer 1 blockchain designed to meet regulatory requirements, targeting institutions and developers. It is a permissionless blockchain for permissioned applications.
Surge in Whale Activity:
In the past week, whale activity around Mantra (OM) has increased significantly as its price rises. Notably, a whale withdrew 1.2 million OM from Binance, and another whale, returning after a seven-month pause, took out 2.71 million OM (about $3.8 million), indicating bullish sentiment. Whale net inflows also spiked to 2.39 million OM, around $5.75 million, showing growing interest from large investors.
Increase in Daily Active Addresses:
Daily active addresses have surged by 573% over three days, reflecting heightened trading activity and investor enthusiasm, largely due to excitement about an upcoming airdrop.
Additional Whale Purchases Indicate Confidence:
Notable whale activity continues, with one whale purchasing an extra $2.62 million in OM tokens, boosting their total to over 18.27 million OM. This suggests strong positive sentiment among substantial investors, further underlined by the net addition of 2.39 million OM.
Technical Analysis and Price Targets:
Closing weekly above $4.50 would signal further bullishness. OMUSD has surged over 240% in the past week, sitting above both short-term (21 and 55 EMA) and long-term moving averages. After hitting a high of $4.52, it is currently trading at approximately $3.90.
Support and Resistance Levels:
The bullish trend could reverse if the price falls below $2.50, with near-term support at $3.65. Breaks below could target $3.25, $2.78, or $2.50, with $1.88 as the ultimate downside target.
Buying Strategy for Traders:
The near-term resistance sits at around $4, with breaks potentially leading to further gains. A jump to $4.52 or $5 is feasible, and surpassing $5 could reach $6. It’s recommended to buy on dips around $3.50, placing a stop-loss at $2.50 for a target price of $6.
