Mantra (OM) Hits New ATH On 132% Weekly Surge
Analysts believe Mantra’s price could rise as key indicators point to a possible rise.
Related reading
The cryptocurrency has become one of the best-performing cryptocurrencies in the altcoin market, with daily active addresses surging 570% to hit an all-time high.
Active addresses surge
Analysts point to growing excitement spell holders as they anticipate a possible airdrop in the coming days. The Cosmos Airdrops announcement comes as the token hits an all-time high and sees a surge in daily active addresses.
Data shows that the cryptocurrency’s daily active addresses have surged 573% in the past three days, indicating the digital asset’s growing appeal to its holders, resulting in increased trading activity.
$ About Attack ATH again! 🚀
It is one of the strongest players in the RWA space and a true pride of the Cosmos ecosystem☄️
Also, there will be airdrops in the next few days! 👀🪂
Exciting growth! pic.twitter.com/YBFxnj6uQB
— Cosmos Airdrops🪂 (@Cosmos_Airdrops) November 14, 2024
As of this writing, OM is trading at $3.35 per coin – record high – 24-hour trading volume exceeds $674 million. Last week, Mantra’s price increased by an impressive 132%. Its total market capitalization is More than $3 billion.
Additionally, whale activity has increased due to recent price increases. For example, Spot On Chain revealed that a whale that had owned a large amount of Mantra since December 2023 had recently purchased more tokens to increase its OM holdings.
The whale purchased $2.62 million worth of OM tokens, in addition to the 18.27 million tokens it already owned.
Additionally, net Mantra inflows from whales or large holders surged from 716,040 tokens recorded on November 13 to 2.39 million OM worth $5.75 million on November 15. Analysts said the growing interest from large investors points to a bullish outlook for the OM market.
OM hits record high
Market commentators say Mantra’s price has increased by nearly 50% in the past 24 hours, pushing the coin to an all-time high.
Analysts say the cryptocurrency has gained more than 10,000% in the past 12 months, making it one of the best-performing altcoins in the crypto market.
This milestone also makes Mantra the only RWA-focused digital asset to achieve 100x returns this year. According to data from CoinGecko, Mantra ranks 44th in total market capitalization.
In addition, analysts also found that open interest in the currency futures market increased significantly, rising by 78.22% the previous day, setting a new record of $115 million. That’s a big jump from September’s $24.7 million.
Related reading
bullish momentum
Analysts predict that Mantra will continue its upward trend, as the price chart shows the coin floating above the upper Bollinger Bands at $2.0850.
This prediction is confirmed by data from the average directional index reading, in which the coin has recorded 35.96, adding that values above 25 usually indicate a strong trend for the digital asset.
Market observers say that if investors pay attention to indicators, Mantra may continue to rise and may see another price increase in the short term.
Featured images from Pexels, charts from TradingView
