Mantle's MNT Rises 12% on Whale Accumulation and Strong On-Chain Activity

Mantle’s MNT token has surged 12% in recent trading sessions, reaching a seven-month high of $1.26 before retreating slightly to $1.21 [1]. This rally has drawn significant attention from bullish investors, who are closely monitoring whether the price can break through the $1.40 resistance level. The uptrend has been fueled by strong whale accumulation and growing on-chain activity, with large spot market orders reappearing between August 15 and 16 [1].

The resurgence of whale participation has led to a strong Buy/Sell Delta over two consecutive days, with buy volume reaching 937,000 compared to 455,000 in sell volume [1]. Exchange flows further support the bullish narrative, as Mantle recorded a negative Spot Netflow of $5.73 million, indicating heavier outflows from exchanges than inflows. This pattern historically supports price appreciation, as it suggests accumulation rather than distribution among large holders.

In the derivatives market, activity has also spiked. According to CoinGlass data, derivatives trading volume surged by 14.19% to $103.6 million, while Open Interest increased by 26% to $80.6 million [1]. The Long/Short Ratio is currently at 1.01, meaning 51.7% of positions are long, indicating a slight bullish bias. These indicators collectively suggest that funds are flowing into futures markets, reinforcing the momentum in MNT.

Technical indicators also reflect strong buyer dominance. The Moving Average Convergence Divergence is at 0.11, signaling a return in demand, while the Stochastic RSI has risen to 89, entering overbought territory. Such readings suggest that buyers are in control, but they also imply increased volatility could be on the horizon. If the current momentum continues and the price remains above $1.20, the next key resistance level at $1.40 may come into focus.

The market is now at a pivotal moment. Bulls must defend the current momentum to sustain the upward trend, as any weakening in whale activity or a return to selling pressure could push the price back toward the $1.05 support level [1]. However, the combination of on-chain strength, whale accumulation, and derivatives activity points to a resilient and accumulating market environment.

Analysts and traders remain cautious but optimistic, noting that Mantle’s recent performance may indicate broader shifts in the altcoin market. If MNT can successfully break above $1.40, it could validate the bullish narrative and serve as a catalyst for further gains in the coming weeks [1].

Source: [1] Mantle Gains 12% as Bulls Watch for a Break Toward $1.40 (https://cryptonewsland.com/mantle-gains-12/)