Bitcoin News Today: MNT's Meteoric Rise Bridges DeFi and CeFi—Is $2 the New Floor?

Mantle (MNT) has surged by 73% over the past 30 days, surpassing the market capitalizations of Pepe (PEPE), Ethena (ENA), and Aave (AAVE), marking a significant milestone for the Ethereum layer-2 network. At $1.40, the token is currently trading near its highest level of the year, with technical indicators suggesting potential for further growth. The surge has been driven by a combination of on-chain activity and key developments, including integration with Bybit and an upcoming listing on Coinbase [1].

The Mantle token has recently broken through a key resistance level at $0.83, increasing the probability of a continued rally. This breakout is supported by a rise in the Money Flow Index (MFI), which indicates strong buying pressure and growing demand for MNT. On-chain data from Santiment reveals that large holders have increased their positions, with collective holdings climbing from 17.36 million to 20.68 million tokens in just a few days. This accumulation suggests that MNT could potentially reach $2, with further upside to $2.91 if the current momentum is maintained [1].

The growing utility of MNT within Bybit’s ecosystem has also contributed to the token’s bullish trajectory. Mantle is now a core asset on the platform, used across Spot, Derivatives, Earn, OTC, and exclusive campaigns. This utility has increased demand and visibility for MNT, reinforcing its role as a bridge between decentralized finance (DeFi) and centralized finance (CeFi) [1].

Additionally, Mantle’s price-Daily Active Addresses (DAA) divergence has continued to rise, signaling that network activity is aligning with price growth. This is a positive indicator for the sustainability of the current uptrend. The Chaikin Money Flow (CMF) has also climbed above the zero signal line, further supporting the bullish case for MNT. If this trend continues, the token could break through $1.43 and move closer to its all-time high of $1.51 [1].

However, the path to a bullish breakout is not without risks. If selling pressure increases, the CMF may drop below zero, and MNT could decline to $1.08. This highlights the importance of continued accumulation and strong network activity in maintaining upward momentum. Analysts caution that while the current technical setup is favorable, market conditions can shift rapidly, and investors should remain cautious [1].

The broader macroeconomic environment could also influence MNT’s trajectory. While not directly tied to Mantle, similar technical patterns observed in Bitcoin have drawn attention from analysts. Some suggest that Bitcoin may be forming a bearish double top pattern, but different macroeconomic conditions—such as potential Federal Reserve rate cuts and quantitative easing—could provide a tailwind for both Bitcoin and altcoins like MNT [2].

As the Mantle token continues to gain traction, its integration with major exchanges and growing utility across multiple platforms suggest that it could maintain its upward trend. However, the market remains dynamic, and investors should closely monitor on-chain activity and macroeconomic developments to assess the likelihood of a sustained bullish breakout [1].

Source:

[1] Mantle (MNT) Rockets 73% After Bybit Boost, Enters Top ... (https://www.ccn.com/analysis/crypto/mantle-token-mnt-price-rockets-bybit-boost/)

[2] 2021 Bitcoin Double Top? Crypto Analytics Firm Flags Two ... (https://cryptonews.net/news/bitcoin/31462172/)