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Analysts are confident that Mantra’s price could rise as key indicators show a potential increase.
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The cryptocurrency has become one of the top performers in the altcoin market as daily active addresses have increased by 570% and reached an all-time high.
Active addresses are increasing
Analysts pointed out that there is growing excitement among Mantra holders as they anticipate a possible airdrop in the coming days. Cosmos Airdrops made the announcement as the coin posted a new all-time high and experienced a surge in the number of daily active addresses.
Data showed that the cryptocurrency’s daily active addresses increased by 573% over the past three days, indicating that the digital asset is becoming increasingly attractive to its holders, resulting in higher trading activity.
$OM goes to ATH again! 🚀
It is one of the strongest players in the RWA section and a true point of pride for the Cosmos ecosystem ☄️
Moreover, there will be an airdrop in the coming days! 👀 🪂
Exciting growth! pic.twitter.com/YBFxnj6uQB
— Cosmos Airdrops 🪂 (@Cosmos_Airdrops) November 14, 2024
At the time of writing, OM is trading at $3.35 per coin – a new all-time record – with a 24-hour trading volume of over $674 million. Over the past week, Mantra has experienced an impressive 132% price increase. The total market capitalization is over $3 billion.
Moreover, whale activity is also up due to the recent price increase. For example, Spot On Chain revealed that a whale who owned a large amount of Mantra since December 2023 recently bought more coins to increase his OM holdings.
The whale purchased $2.62 million worth of OM tokens, in addition to the 18.27 million coins the whale already owned.
Furthermore, Mantra’s net inflows from whales or large holders increased to 2.39 million OM worth $5.75 million on November 15, compared to 716,040 tokens recorded on November 13. Analysts said the growing interest from major investors is a sign that the OM market is bullish.
OM reaches record high
Market commentators said the price of Mantra has risen by almost 50% in the past 24 hours, pushing the coin to a new all-time high.
Analysts said the cryptocurrency has risen more than 10,000% in the past 12 months, making it among the best-performing altcoins in the crypto market.
This milestone also made Mantra the only RWA-focused digital asset to achieve 100x returns this year. According to CoinGecko, Mantra ranks 44th in terms of total market capitalization.
Moreover, analysts also saw a rise in open interest in the coin futures market, which rose 78.22% the day before to reach a new record high of $115 million. This figure is a big jump from September’s $24.70 million.
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Bullish momentum
Analysts predict that Mantra will continue to trend upward as the price chart shows the token hovering above the upper Bollinger Band at $2.0850.
This prediction was confirmed by data from the Average Directional Index measurement, where the token has registered 35.96, adding that values above 25 usually indicate that the trend around a digital asset is strong.
Market observers said if investors look at the indicators, Mantra may continue to rise and may see another price rally in the near term.
Featured image from Pexels, chart from TradingView
Credit : www.newsbtc.com
