Mantra reaches a new all-time high, with technical indicators pointing to potential further gains.

Mantra (OM) Sees 40% Surge, Hits All-Time High of $2.71 Amid Strong Momentum

Mantra (OM), a leading real-world asset (RWA) tokenization platform, has experienced a remarkable surge of over 40% in the past 24 hours, reaching a new all-time high of $2.71 on November 16. Technical indicators suggest that the token could see further gains in the short term, as it continues to draw investor attention.

Over the last year, Mantra (OM) has posted an extraordinary rise of over 10,000%, positioning itself as one of the best-performing altcoins in the market. With this massive gain, OM stands out as the only RWA-focused cryptocurrency to achieve a 100x return in 2024.

At the time of writing, Mantra’s market capitalization stands at a robust $2.03 billion, with data from IntoTheBlock showing that 97.1% of OM holders are holding onto their tokens, signaling strong confidence in the project.

Surge in Futures and Whale Activity

The futures market for OM has also seen a dramatic uptick, with open interest jumping 78.22% in just 24 hours, reaching an all-time high of $115.64 million. This is a significant rise compared to the $24.75 million recorded in early September, reflecting growing market interest and speculation around the token’s future price movements.

Whale activity has notably intensified, with large holders making significant moves. A whale who has accumulated over 18.27 million OM since December 2023 recently added another $2.62 million worth of tokens on November 16. Additionally, net inflows from large investors rose sharply, from 716,040 OM on November 13 to 2.39 million OM (worth $5.75 million) by November 15, signaling a strong accumulation trend.

Catalysts Behind the Rally

The recent rally can be attributed to a series of significant milestones achieved by Mantra within the RWA sector. In October, the project successfully launched its mainnet, which offers low transaction costs, enhanced network security, regulatory compliance, and the ability to conduct multi-chain asset transfers through its integration with the Cosmos network.

Additionally, Google Cloud was onboarded as a primary validator and infrastructure provider, boosting the platform’s scalability, security, and overall investor confidence.

Community Momentum and Technical Indicators

The growing excitement in the Mantra community, spurred by an upcoming airdrop, has also played a crucial role in increasing trading activity around OM. The number of daily active OM addresses has surged by over 573% in the past three days, a clear sign of heightened market activity.

From a technical perspective, OM’s bullish momentum appears to be intact. The price chart for OM/USDT on a 1-day timeframe shows the token trading above the upper Bollinger Band at $2.0857, indicating that the uptrend remains strong. The Average Directional Index (ADX) reading of 35.96 further confirms the strength of the trend, as values above 25 suggest that the current price movement is likely to continue.

Analysts believe that OM could target the psychological resistance level of $2.50 in the short term. A break above this level would likely lead to a price discovery phase, allowing the token to reach new highs.

Potential for Short-Term Correction

However, some traders, including the pseudo-anonymous figure “Scofield”, have predicted a brief correction before OM resumes its upward momentum. If this occurs, it may present an opportunity for both retail and institutional investors to further accumulate the token before the next leg of the rally.

As of press time, OM is trading at $2.29 per coin, with strong technical and market indicators suggesting a promising outlook for the token in the near term.