MNT, the native token of the L2 scaling solution Mantle Network, resumed its ongoing rally as the project unveiled several upcoming developments.
Mantle (MNT) bounded 17% to an intraday high of $1.28 on Jan. 24 while bringing its market to nearly $4.2 billion at press time. The price surge came along with a 60% jump in the altcoin’s daily trading volume which was hovering over $213 million.
Notably, the altcoin began its price upswing on Jan. 20 and has gained 32% since then, while its gains over the past year have reached 104%. The altcoin currently stands as the 40th largest crypto asset per data from CoinGecko, with a circulating supply of over 3.36 billion tokens.
What led the MNT rally?
MNT rallied after its developers announced six key products the project is working on this year to expand its ecosystem. The Mantle ecosystem already includes the modular layer-2 blockchain Mantle Network, the mETH protocol—a liquid staking product—and its wrapped BTC product ‘Ignition FBC.’
However, the project has now introduced three new pillars to support its growth: a crypto fund called Enhanced Index Fund, a blockchain-based banking platform named Mantle Banking, and MantleX, a platform focused on creating AI agents.
The rally was also supported by a surge in Mantle’s daily active and new addresses involved in MNT transactions. On-chain data from IntoTheblock shows a 50% jump in the number of active addresses completing at least one MNT transaction over the past week. Additionally, the number of new addresses created has also increased by nearly 16% during the period.
An uptick in daily active addresses and new addresses is a sign of strong network health and indicates growing adoption of the network.
Buyer demand for MNT has also been on the rise, with data from CoinGlass showing increasing withdrawals from exchanges since the start of the year.
Such exchange outflows suggest that these buyers intend to hold onto their investments, anticipating further potential gains over the long term.
MNT price analysis
On the daily USDT price chart, Mantle has climbed back above the 50-day moving average, signaling that bulls are regaining control of the market. The MACD line has also crossed above the signal line and is pointing upwards, indicating that bullish momentum is building.
Further, the Aroon indicator shows the Aroon Up at 92% while Aroon Down showed a reading of 71%, which means the strength of the uptrend is far higher which could help the rally extend further in the coming days.
Based on these indicators, the MNT could likely continue its rally to test its Jan. 6 resistance level at $1.42, a break above which could push prices towards the next psychological resistance at $1.5.
When writing, MNT’s price stood at $1.23, down a little over 19% from its all-time high.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
