Mantle Soars 12.31% on Whale Accumulation and Rising Open Interest

Mantle (MNT) surged 12.31% in recent sessions, hitting a 7-month high of $1.26 before retreating slightly to $1.21 at press time. The price rally, coupled with a market cap exceeding $4 billion for the first time in seven months, highlights renewed capital inflow and growing confidence among traders. Whale activity has also reemerged, with spot market data showing 937K buy orders versus 455K sell orders between August 15 and 16, generating a positive buy/sell delta of 480K. This suggests significant accumulation by large investors [1].

Derivatives data further supports the bullish shift. Mantle’s Open Interest (OI) in futures climbed 26% to $80.6 million, while derivatives volume rose 14.19% to $103.6 million. The simultaneous rise in both metrics indicates heightened speculative activity and deeper participation in the futures market. Additionally, the Long/Short Ratio currently stands at 1.01, with long positions making up 51.7% of total positions, signaling a preference for upward price movement [1].

Technical indicators also reflect strong buyer momentum. Mantle’s Moving Average Convergence Divergence (MACD) reached 0.11, and its Stochastic RSI hit 89, entering the overbought territory. These signals reinforce the dominance of buyers but also suggest the potential for volatility or a sharp reversal. If the current bullish trend continues, MNT could reclaim $1.20 and potentially test $1.40 as a key resistance level. However, any waning in whale demand or renewed selling pressure could push the price back toward $1.05 [1].

The recent dynamics in the spot and futures markets underscore the growing optimism surrounding Mantle. Increased whale participation, rising open interest, and strong momentum metrics all point to a market in transition. While the path to $1.40 remains subject to market absorption and external factors, the current conditions support the possibility of a sustained price recovery, assuming buying pressure holds steady [1].

Source: [1] Mantle soars 12% – How THIS could help MNT reclaim $1.40 (https://ambcrypto.com/mantle-soars-12-how-this-could-help-mnt-reclaim-1-40/)