Mantra Soars 12% in a Week, Becoming the Second-Largest RWA Project: Could OM Reach $10 Next?

Mantra’s recent price surge, rising 12% in the past week, marks an impressive upward trajectory, positioning the OM token as the second-largest Real World Asset (RWA) project by market capitalization. With a market cap of around $6.8 billion, Mantra is now in direct competition with Chainlink (LINK), establishing itself as one of the top-performing layer 1 tokens of 2025.

Since early 2024, OM has been on a strong uptrend, climbing from near-zero levels to just shy of $10. This upward movement follows a period of consolidation, where the price maintained key support levels before breaking out again. OM is currently trading at approximately $6.90, with indicators suggesting more potential for growth. The tightening Bollinger Bands signal increased volatility, and the MACD still sits in buy territory, reinforcing the bullish outlook. The RSI of 58.28 shows neutral-to-bullish momentum, and an ADX reading of 36.31 confirms the strength of the trend.

Key resistance levels to watch are around $8.17, which is the previous local high. If OM breaks above this, it could trigger a move toward the significant psychological level of $10. On the downside, support is found at $6.76 and $5.54, correlating with the lower Bollinger Band and the 20-day moving average.

Additionally, the rising open interest in OM futures, from a monthly low of $319 million to $378 million, points to growing confidence from traders, which could further drive price action. This increase in exposure often indicates that traders believe in the continuation of the upward trend.

Fundamentally, OM is on strong footing. The project has tokenized over $500 million in assets, including real estate, and secured a Virtual Asset Service Provider license from Dubai’s regulator in February. Strategic partnerships, such as a deal with DAMAC Group in early 2025, have also bolstered its growth, with over $1 billion in partnerships.

However, technical challenges have arisen, particularly regarding airdrops. Mantra recently discovered over 123,000 fraudulent wallets during its GenDrop campaign. As a result, the project initiated a 48-hour governance vote on March 18 to determine how to address 26.9 million OM flagged as suspicious. To avoid market manipulation, the team announced that the GenDrop allocation would be released without prior notice, constituting a 10% unlock, or approximately 1.99 million OM.

In summary, Mantra’s bullish price action and solid fundamentals position OM as a strong candidate to potentially reach the $10 mark. Market sentiment, growing open interest in futures, and strategic partnerships all point to a continued positive outlook, despite the technical challenges and governance issues the project is navigating. The next few weeks will be crucial in determining whether OM can break key resistance levels and solidify its place in the top ranks of the crypto space.