Following its launch, Manta Network’s native cryptocurrency, MANTA, witnessed a significant price surge, climbing by 62% within ten days, reaching a trading price of $3.71 and achieving a market capitalization of $928 million.
Manta Network’s Web3 Ecosystem Expansion
Manta Network has positioned itself as a key player in the Web3 ecosystem by providing a modular infrastructure that enables the development and distribution of decentralized applications. The platform’s use of Solidity allows for faster transaction speeds than traditional Layer 1 solutions and more affordable fees compared to Layer 2 options.
The introduction of the MANTA token is a pivotal move for the network, with a capped supply of 1 billion tokens and a 2% annual inflation rate. MANTA is designed to be integral to the network’s operations, including transaction fees, staking, and liquidity provision, fostering a robust and self-sustaining ecosystem.
Forecasting MANTA’s Market Performance
Despite MANTA’s current bullish trend, technical indicators like the Relative Strength Index suggest a possible slowdown, with a break below the RSI signal line potentially signaling a sell-off. A confirmed bearish signal could see MANTA’s price drop by 10% from its present value.
However, MANTA has support structures in place, such as a rising trend line and horizontal support at $3.25, which could help counteract any downward pressure. If market conditions deteriorate, MANTA may find support at $3.07, a 23% decrease from its current price. The RSI at 67 indicates there is still potential for upward movement before reaching the overbought zone, suggesting that buying pressure could drive the price even higher.