Ethereum scaling solution Mantle Network’s native token, MNT, has experienced notable advancements, attracting the attention of market analysts. Recent on-chain data has revealed a surge in both the number of addresses engaging in MNT transactions and the creation of new addresses.
What Is Fueling MNT Demand?
MNT’s market performance has been robust, with its price climbing over 8% in the past 24 hours to $0.8401, and showing a 20% increase over the past week. This spike in demand has been a key driver of MNT’s price rally. On-chain metrics from IntoTheBlock indicate a 19% rise in daily active addresses conducting at least one MNT transaction over the last week. Additionally, there has been a 15% increase in newly created addresses for altcoin trading.
Why Are Whales Accumulating MNT?
Not only individual investors but also large-scale holders, known as whales, are taking notice of MNT’s upward trend. Whale transaction analysis shows a 134% increase in net inflow over the past seven days, suggesting that these significant players are bolstering their MNT positions.
Key Insights for Investors
- The number of active MNT addresses increased by 19% in one week.
- New MNT trading addresses rose by 15% over the same period.
- Whale transactions saw a 134% net flow increase, indicating large-scale accumulation.
The Elder-Ray Index for MNT is currently at 0.08, maintaining a positive outlook since July 13. This indicator, which measures the balance of power between buyers and sellers, suggests that bulls are in control. Should this dominance continue, MNT’s price could target the next resistance level at $0.9383. Conversely, failure to close above this threshold could see the bearish trend driving the price down to $0.58.