Mantra (OM) has been on a tear, surging over 40% in the past 24 hours to hit a new all-time high of $2.71. The real-world asset tokenization platform has been on a roll, rallying by over 10,000% in the past year, making it one of the top-performing altcoins in the cryptocurrency market.
So, what’s behind this impressive rally? There are several catalysts that have contributed to OM’s recent price surge. Firstly, the project launched its mainnet in October, which delivers low transaction costs, enhanced network security, regulatory compliance, and multi-chain asset transfer capabilities through its integration with the Cosmos network. This has significantly boosted investor confidence in the platform.
Additionally, Mantra has onboarded cloud computing giant Google Cloud as a primary validator and infrastructure provider for its blockchain network, further enhancing the platform’s security and scalability. Whale activity around OM has also intensified, with a whale recently adding another $2.62 million worth of the token to their holdings.
The growing excitement within the Mantra community, fueled by an upcoming airdrop, has also contributed to the heightened activity around OM. The number of daily active OM addresses has surged by over 573% in the past three days, indicating heightened trading activity around OM—a positive signal for traders.
From a technical perspective, OM’s bullish momentum remains intact. The Average Directional Index (ADX) reading of 35.96 confirms the strength of the uptrend, as values above 25 typically mean the trend surrounding the related asset is strong. The Bollinger Bands also suggest that OM is still on a strong uptrend, with a potential target at the psychological resistance level of $2.50.
Predictions:
Based on the current technical indicators and market sentiment, it’s likely that OM will continue its rally in the short term. A breakout above the $2.50 resistance level could initiate a price discovery phase, enabling the token to reach new highs.
However, as with any market, there’s always a possibility of a brief correction. A pseudo-anonymous trader, Scofield, has predicted a brief correction before OM resumes its upward trajectory. If realized, this dip could present an opportunity for further accumulation by both retail and institutional investors.
Overall, Mantra (OM) has shown incredible strength in the past year, and its recent rally is a testament to the platform’s growing adoption and investor confidence. As the project continues to innovate and expand its ecosystem, it’s likely that OM will remain a top performer in the cryptocurrency market.
