Mantle Token Surges, But Can It Sustain?
Mantle’s price has skyrocketed over 125% in the past month, hitting a new all-time high of $2.86. However, the question remains: can this bullish trend continue?
On October 9, Mantle (MNT) reached its peak at $2.86, before settling at $2.71. This remarkable performance shows a 41.8% increase in just seven days and a near 127% rise over 30 days.The token’s daily trading volume also surged from $263 million to a peak of $717 million.
Despite the positive momentum, some on-chain data raises concerns. Smart money wallets have been selling off their MNT holdings, dropping from 35.31 million to 17.06 million tokens. This trend could signal a potential pullback.
- Smart money wallets offloading tokens
- Retail demand absorbing the selling pressure
- Open interest in Mantle’s futures market at an all-time high
However, retail investors are still showing strong interest. The token was up nearly 20% in the past 24 hours, with trading volume surging over 56%. The positive weighted funding rate and long/short ratio above 1 indicate bullish sentiment.
Three key catalysts are driving this momentum: Mantle’s new RWA service, its partnership with World Liberty Financial, and its integration with Bybit. These developments have increased visibility and liquidity for MNT.
Technically, Mantle has confirmed a breakout from multiple bullish structures, signaling a strong shift in momentum. Though, with the Relative Strength Index at 84, the token is in overbought territory and could face some correction.
The key resistance for MNT is at $3. A clean break above this level could push prices toward $4.On the downside, holding the $2.36 support level is crucial to maintain the bullish trend.
