Mantra's 98% Surge: Can It Sustain the Momentum?

Mantra, the cryptocurrency represented by the ticker OM, has surged by an impressive 98% over the past 30 days, raising questions about the potential heights it could reach. This remarkable performance has been driven by a combination of factors, including strong demand, growing adoption, and bullish market sentiment.

Over the past day, Mantra experienced a significant price increase, surging by 14.49% to reach a new all-time high of $7.96. Although the altcoin has since retraced to $7.58, the volume has seen a 35% increase to $1.4 billion. This price pump has extended to the weekly and monthly charts, with gains of 25.57% and 98%, respectively. The question on investors' minds is whether Mantra can sustain these gains and continue its upward trajectory.

Analysts have attributed the rally in Mantra to strong upward momentum and soaring demand. This demand is evident in the sudden spike in Mantra's Open Interest, which has surged to a new all-time high of $640.6 million. When Open Interest increases while prices are rising, it indicates that more capital is entering derivative markets, reflecting a strong conviction in the market direction. This, in turn, leads to more positions being opened in the direction of the momentum, confirming a strong uptrend.

As Mantra witnessed a strong rally, its price charts displayed growing upward momentum and bullish sentiment. The bullishness was further reinforced by buyers who continued to dominate the market, with the Relative Strength Index (RSI) spiking to 76 over the past day. A high RSI suggests that buyers are in total control of the market, often preceding a price rally. Additionally, the recent bullish crossover on order imbalance indicates that there are more buy orders than sell orders, further supporting the observation that buyers have a strong upward momentum.

Moreover, Mantra's active addresses have been growing, with over 8.9k active users recorded over the past week. This growth in active addresses is crucial for a sustained price, as it usually confirms a bullish price action. In conclusion, Mantra is currently experiencing strong bullish momentum, with buyers dominating the market and positive sentiments prevailing. If this trend continues, Mantra could reclaim $7.9, breach the $8 resistance level,