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- 1 The MNT cryptocurrency is showing bullish traits as the active address is showing good activity, whale supply is increasing, and the number of holders is on the rise.
- 2 The volume vs price chart describes an advance in volume along with the price increase, suggesting the possible continuation of the ongoing trend.
The Mantle chart presents the correlation between the volume and price. Per the Santiment chart, in January 2024, the MNT asset volume and price were relatively low, indicating a lack of interest and activity. The volume mostly remained under $150 Million, and the price hovered around $0.60 in that period.
However, in the first week of February, volume and price continued to incline abruptly in the asset, signifying increased demand and excitement about MNT crypto price. The trading volume exceeded $200 Million, and the price rose drastically from $0.60 to $1.08.
The volume vs price chart describes an advance in volume along with the price increase, suggesting the possible continuation of the ongoing trend after a short-term correction.
Total Amount Of Holders And Market Cap Highlights Growth
The total number of holders signifies that the number of holders is increasing seamlessly, and this displays seamless growth.
The crypto market cap reflects the fluctuations in the buying and selling of MNT crypto. The surge and decrease in these values show volatility in the Mantle asset price, and these metrics shape the major price action structure on the daily price chart.
Whale Activity in Correspondence with the MNT Price
The whale holding data displays the change in MNT holdings of the large wallets. The whale holdings data, as obtained from the app.santiment.com website, demonstrates that the whales held nearly 50% of the total supply, which remained constant from December to the last week of January 2024.
However, the holdings of whales saw a significant increase in the first week of February 2024 and March 2024, which are currently at 57%. The Mantle price has also noted a substantial increment in the price.
Active Address of Last 30 Days Vs MNT Price Analysis
Active addresses refer to unique addresses of Mantle token users that participate in one or more transactions within a given timeframe. The number of distinct addresses in the MNT token that participated in a transfer for the given asset in the past 30-day windows is 3887 transactions.
It illustrates that more people have been using and trading the token in the last 30 days, which implies good activity, higher demand, and value for the token as the active addresses of MNT tokens are advancing over time.
Mantle Price Snapshot Over Daily Chart
The MNT crypto is showing bullish traits and can achieve more growth, as the active address shows good activity, whale supply is increasing, and amount of holders is on the rise. Above all, it has demonstrated exemplary performance in the past three months by 13.44% and 50.94%, respectively, indicating a reliable upward trend.
Therefore, if the Mantle crypto advances and turns from the current level by showing a healthy correction, the price could reach $1.0. Conversely, if the MNT token fails to sustain above $0.85, it could decline further.
Summary
The Mantle (MNT) crypto has shown a positive correlation between trading volume and price, with both metrics increasing significantly in early 2024, indicating rising demand and investor interest.
The number of MNT holders and the percentage of whale holdings have increased, suggesting confidence in the asset’s growth potential. Active addresses have also risen, reflecting heightened trading activity.
Overall, MNT has exhibited bullish behavior, with notable price gains over the past month and quarter. If this momentum continues, MNT could potentially reach a price of $1.00, provided it maintains support above $0.85.
However, a drop below this level could lead to further declines. The market cap and volume fluctuations underscore the asset’s volatility and influence on price trends.
Technical Levels
Support Levels: $0.85
Resistance Levels: $1.0
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
