Coinbase Launch Drives 12.55% MNT Surge and $122.67M Futures High

MNT surged 12.55% following Coinbase’s announcement to list Mantle Perpetual Futures on August 21, triggering a 22.74% increase in Futures Open Interest to an all-time high of $122.67 million [1]. The altcoin’s spot price bounced off $0.3 support, reaching a local high of $0.38 before retracing to $0.37 [1]. During the same period, MNT’s trading volume increased by 70.23% to $645 million, while its market cap rose 11% to $4.62 billion [1]. This synchronized growth in volume and market cap signals strong capital inflow and increased on-chain activity [1].

The momentum was largely driven by Coinbase’s decision to launch Mantle Perpetual Futures on its international and advanced platforms, a move that has drawn significant speculative interest. Futures traders moved quickly, with long positions capturing 52% of total Futures contracts, indicating a bullish outlook [1]. Derivatives volume also rose 15.2% to $131 million, reinforcing the trend [1]. The Long/Short Ratio climbed to 1.09, reflecting aggressive positioning by market participants [1].

On the spot market, buyers returned after a brief absence, with Coinalyze reporting a Buy Volume of 519k compared to 345k in Sell Volume, resulting in a positive Buy Sell Delta of 171k [1]. This suggests strong accumulation and a reversal in market sentiment. Spot Netflow data from July 19 showed outflows exceeding inflows, yet the overall trend points to buyers dominating the market [1].

Technical indicators further support the bullish sentiment. Mantle’s RSI rose to 74, nearing overbought territory, while the Chaikin Money Flow (CMF) improved from negative to 0.08, confirming buyer dominance [1]. Analysts speculate that if this demand persists, MNT could break the $1.39 resistance level and potentially target $1.45 [1]. However, a quick fade in speculation could lead to a retracement toward $1.20 [1].

The broader market environment also contributes to MNT’s momentum. Recent developments in DeFi, such as R0AR’s node sale on the Optimism OP Stack, highlight a growing interest in decentralized infrastructure and community-driven earning models [2]. Although not directly linked to Mantle, these advancements reflect a broader ecosystem-level shift that could influence investor behavior [2].

MNT’s current trajectory reflects increased optimism around blockchain innovation, particularly in areas where infrastructure is being democratized through shared ownership and participation [2]. While the token remains well below the $1.39 threshold, the sustained buying pressure and positive on-chain signals suggest that a breakout attempt is on the horizon [1]. Investors remain cautious but optimistic, monitoring whether the rally can hold or whether short-term volatility will force a consolidation phase [1].

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Source: [1] Coinbase sparks Mantle rally: Will MNT break $1.39 resistance? (https://ambcrypto.com/coinbase-sparks-mantle-rally-will-mnt-break-1-39-resistance/)

[2] R0AR announces node sale: Democratizing layer 2 infrastructure while rewarding community participation (https://ambcrypto.com/r0ar-announces-node-sale-democratizing-layer-2-infrastructure-while-rewarding-community-participation/)