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Analysts are confident that Mantra price may move higher as major indicators show a potential rise.
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The cryptocurrency has become one of the best performing currencies in the altcoin market with daily active addresses rising by 570% and reaching an all-time high.
Active addresses are rising
Analysts pointed out that there is increasing enthusiasm among people mascot Shareholders are anticipating a possible airdrop in the coming days. The announcement was made by Cosmos Airdrops as the coin hit a new all-time high and saw an increase in its daily active addresses.
Data showed that daily active addresses for the cryptocurrency rose by 573% in the past three days, indicating that the digital asset has increasing appeal to its holders leading to higher trading activity.
$about ATH strikes again! 🚀
It is one of the strongest players in the RWA division and a real point of pride for the Cosmos ecosystem ☄️
In addition, there is an airdrop coming in the coming days! 👀 🪂
Exciting growth! pic.twitter.com/YBFxnj6uQB
— Cosmos Airdrops 🪂 (@Cosmos_Airdrops) November 14, 2024
As of the time of writing, OM is trading at $3.35 per coin – New all-time high – With a 24-hour trading volume of more than $674 million. Last week, Mantra had a staggering 132% price increase. Its total market value More than $3 billion.
Moreover, whale activity is also moving higher due to the recent rise in prices. For example, Spot On Chain revealed that a whale who had owned a large amount of Mantra since December 2023 recently bought more coins to boost his OM holdings.
The whale bought $2.62 million worth of OM tokens in addition to the 18.27 million coins the whale already owns.
Furthermore, Mantra’s net inflows from whales or large holders rose to 2.39 million ohms worth $5.75 million on November 15 from 716,040 tokens recorded on November 13. Analysts said the growing interest from major investors is a sign that the OEM market is bullish.
OM reaches all-time highs
Market commentators said Mantra’s price has risen nearly 50% in the past 24 hours, pushing the coin to a new all-time high.
In the past 12 months, the cryptocurrency has increased by more than 10,000%, making it among the best-performing altcoins in the cryptocurrency market, analysts said.
This milestone also made Mantra the only RWA-focused digital asset to achieve a 100x return this year. According to CoinGecko, Mantra is ranked 44th in terms of total market cap.
In addition, analysts also saw a rise in open interest in the currency futures market which rose by 78.22% the previous day to reach a new record high of $115 million. This number represents a significant jump from $24.70 million in September.
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Bullish momentum
Analysts expect Mantra to continue the upward trend as the price chart shows the token floating above the upper Bollinger Band border at $2.0850.
These predictions were confirmed by data from the average trend indicator reading where the token registered 35.96, adding that values exceeding 25 usually indicate that the trend surrounding the digital asset is strong.
Market watchers said that if investors look at the indicators, Mantra stock may continue to rise and may see another price hike in the short term.
Featured image from Pexels, chart from TradingView
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