OM Whale Cashes Out $84M as Price Eyes a Parabolic Surge Past $10

• A whale transferred 10.71M OM to Binance , securing nearly $84M in profit after withdrawing at a much lower valuation in 2024.
• Analyst Javon Marks notes OM’s 460 times surge, suggesting stronger rallies could emerge as the broader crypto market gains momentum.
• OM’s breakout and rising volume signal bullish momentum, with key resistance at $8 and potential new highs beyond the $10 mark.

A OM whale, identified as wallet 0x17…fe76, made a substantial transfer on February 15, moving 10.711 million OM to Binance Deposit. The transaction, valued at approximately $80.88 million, took place between 6:54 and 16:32 UTC+8. 

This same entity had previously withdrawn these OM tokens from Binance between March 1 and 6, 2024, when their total worth was around $4.82 million. This suggests a profit margin of nearly $84 million at current market rates.

OM’s Growth in a Slower Altcoin Market

According to analyst Javon Marks, OM has had a 460X surge, equating to a 46,000% increase. 

Marks emphasized that this growth occurred in a relatively slow altcoin market, hinting at even larger potential movements once the broader crypto market gains momentum. 

The analyst suggests that such performance in subdued conditions could lead to further rallies in select altcoins as the overall market strengthens.

Breakout Trends and Support-Resistance Levels

MANTRA (OM) has had a breakout from its prolonged downtrend , reversing a decline that persisted since early 2021. The breakout above a strong descending resistance trendline suggests renewed market interest..

Support is at $0.031, which previously acted as a local bottom. Meanwhile, resistance levels include $0.055 as an immediate barrier, followed by psychological resistance at $0.10. 

Historical resistance zones range between $0.23 and $0.55. If the rally sustains momentum, there is a potential price target of $0.5473, a major upside move.

Surging Volume and Price Discovery 

Long term view shows OM is in a price discovery mode, with a sharp breakout occurring in mid-2023. This led to a strong uptrend , pushing the price to around $8.23 at its latest high. A historical retracement level at $0.8473 may serve as strong support incase of a correction.

OM’s price surged in early November 2024, jumping from below $1 to over $7.50. The 50 day moving average at $6.18 shows strong short term momentum, while the 200 day moving average at $4.89 is the key long term support. 

With volume surging alongside price increases, OM is in a bullish pattern , suggesting strong market confidence. A break above $8 could lead to new all time highs, with psychological resistance at $10 and beyond.