Mantle (MNT) has experienced a remarkable ascent, rising by 16.06% within the last 24 hours and exceeding the $1.30 mark, culminating in a weekly increase of over 30%. This upswing is notable since it occurred amidst diminished risk appetite linked to unexpected US PPI data, which led to a drop in Bitcoin from $124,000 to $117,000. While major altcoins such as Ethereum, Solana, and Cardano faced substantial declines, MNT distinguished itself with a substantial double-digit gain.
What Sparked the Altcoin’s Remarkable Rally?
The upward trend began taking shape on August 14th when Bybit EU announced its inaugural launchpool featuring MNT. Users were provided opportunities to allocate MNT, XION, and USDC to partake in a 100,000 XION reward pool. Significantly, this product was Bybit’s first MiCA-compliant staking solution, marking a regulated presence in the European market. This strategic move intensified demand for MNT, drawing considerable interest from buyers.
How Did New Announcements Affect Mantle’s Market Position?
The enthusiasm persisted into August 16th following further announcements by Mantle and Bybit, introducing two fresh use cases. First, the “Double Win” structured product launched on Bybit Earn, designed to yield returns amid bidirectional volatility for MNT holders. Additionally, collaboration with Crypto Content Creator Campus enabled content creators to obtain event tickets and access tools using MNT.
Breaking past the $1.30 threshold, Coinglass’s data revealed over $5 million in short positions arrayed between $1.31 and $1.40, comprising 93% of short commitments over the past week. Meanwhile, long positions tower over short ones with $16 million, indicating a more bullish sentiment.
Trading volumes have surged, reflecting heightened interest, with CoinMarketCap reporting a 15.7% increase over 24 hours, peaking at $654 million, marking the week’s highest level.
“The rise in trading volume highlights growing interest and confidence in the altcoin,” stated a Market Analyst closely monitoring the developments.
Should sellers falter in defending their positions and a short squeeze takes place, prices might soar toward $1.40 and beyond, with relatively weak resistances potentially paving the way toward $2. However, if prices fall below $1.30, Mantle risks declining to the $1.20 region. In the immediate future, the $1.35 level serves as the first significant benchmark.
