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Mantra achieves record high with 132% weekly surge

Mantra achieves record high with 132% weekly surge

GrafaGrafa2024/11/18 20:00
By:Mahathir Bayena

Mantra (CRYPTO:OM) has reached a new all-time high, climbing 132% in the past week amid a surge in market activity and investor interest.

The cryptocurrency's impressive performance has made it one of the standout players in the altcoin market, supported by a significant rise in daily active addresses, which increased by 573% over the last three days.

This surge was linked to anticipation of an upcoming airdrop, as noted by Cosmos Airdrops, which highlighted the event and its impact on OM's activity.

At present, OM is trading at $3.35, achieving this new peak with a daily trading volume exceeding $674 million.

The altcoin's total market capitalisation has surpassed $3 billion, reflecting growing confidence from both individual and institutional investors.

Whale activity has further supported this upward trend, with significant new investments recorded.

Data from Spot On Chain indicated that a large holder, who has been involved since December 2023, added $2.62 million worth of OM to their existing 18.27 million tokens.

Additionally, whale net inflows increased to 2.39 million OM, valued at $5.75 million, marking a substantial rise from earlier levels.

The open interest in OM's futures market also surged by 78.22% in a single day, reaching a record of $115 million, up from $24.70 million in September.

This rise in futures interest underscores growing optimism among traders.

Analysts remain confident about OM's future trajectory, supported by technical indicators showing strong market momentum.

The Average Directional Index (ADX) reading of 35.96 suggests a robust trend, and the token's price movement above the upper Bollinger Band indicates potential for further gains.

Observers believe that if current conditions persist, Mantra could see continued growth and additional price rallies in the near term.

At the time of writing, the MANTRA (OM) price was $4.17.

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