Mantra is up 2,100% in 2024 as technicals point to more gains

Mantra, one of the standout altcoins of 2024, has seen a significant rally, reaching a two-month high. The token surged 6.57% to $1.3155, even as Bitcoin, Ethereum, and other altcoins retreated amid rising geopolitical tensions. Remarkably, Mantra has appreciated over 2,130% this year.

This upward trend aligns with a rebound in its futures open interest, which has climbed to a multi-month high of $30 million—an indicator of strong investor demand.

Three key factors are driving this surge. First, Mantra has indicated plans to launch its mainnet this month, potentially coinciding with the Cosmoverse event in Dubai on October 23. Crypto projects often unveil major developments during significant events, which could amplify interest.

The mainnet launch aims to position Mantra as a leading network for developers in the Real World Asset tokenization space, an industry expected to enhance fractional ownership, increase liquidity, and improve transparency. Mantra’s network will boast low transaction costs, a modular architecture, compliance and security features, and decentralization. Being part of the Cosmos ecosystem, it will leverage the Inter-Blockchain Communication protocol for seamless asset transfers across blockchains.

Second, Mantra’s impressive performance is bolstered by its staking rewards, which are among the highest in the market, offering a yield of 22.32%. Its staking ratio, approximately 50%, reflects a healthy proportion of tokens actively staked, further contributing to its momentum.

Mantra price has strong technicals

OM’s rally is further reinforced by strong technical indicators. On the daily chart, the Relative Strength Index (RSI) has been steadily increasing since bottoming out at 36 in August, approaching the overbought level of 70 on October 2.

The Average Directional Index (ADX), which gauges trend strength, has risen to 33, indicating a strong trend when above 25.

Additionally, both lines of the MACD indicator have shown upward movement. This suggests that Mantra may continue its ascent, with the next target being $1.4140, which is its all-time high and represents a 12% increase from the current level.