The Mantle network’s native token, MNT, has seen a significant uptick in its price, driving investors to prepare for selling their holdings. Over the past week, MNT’s value has risen by 17%, reaching $0.8935. This price increase has led to a noticeable influx of MNT tokens onto exchanges, indicating that investors are looking to cash in on the recent gains.
What Is Driving the Current Market?
As reported by Santiment, 321 million MNT tokens, worth approximately $286 million, are currently held in exchange wallets. This represents a 3% increase over the last six days, with a significant uptick noted on July 17. Typically, a higher supply of tokens on exchanges suggests that investors are preparing to sell, potentially to take advantage of profitable transactions.
Further data reveals that the seven-day average of the daily on-chain transaction volume’s profit/loss ratio shows that for every loss-making transaction, there are 1.59 profitable ones. This trend underscores the profitability of recent transactions, prompting many investors to consider selling their MNT tokens.
How Much Will MNT Be Worth?
If the selling trend continues, MNT could face downward pressure, potentially causing the price to drop to $0.80, or even $0.50 if the demand significantly decreases. Conversely, if buying interest increases, the price could rise to $0.93. MNT’s current market cap stands at $2.92 billion, with a 24-hour trading volume of $193 million, ranking it 31st overall.
Key Investor Insights
Here are some actionable insights for investors:
- Monitor the volume of MNT tokens moving to exchanges, as it may indicate upcoming selling pressure.
- Consider the profit/loss ratio of transactions to gauge market sentiment.
- Keep an eye on price thresholds of $0.80 and $0.50 for potential entry points if the price drops, or $0.93 for selling opportunities if the price rises.
- Track 24-hour trading volumes and market cap rankings to assess market dynamics and liquidity.
These insights can help investors make informed decisions amid the fluctuating MNT market conditions.