Mantra (OM) Coin has experienced a notable price surge after its official listing on Upbit, South Korea’s leading cryptocurrency exchange. On May 21, 2025, OM saw an immediate 23% increase in value, climbing from $0.38 to $0.47 within 24 hours. However, despite the excitement surrounding the listing, the question on everyone’s mind is whether this price spike can be sustained or if it will fizzle out like previous rallies.

The Impact of the Upbit Listing

Upbit’s listing of OM Coin, alongside other cryptocurrencies such as ACS, GO, and RLY, was a major event that fueled a quick price surge. Trading pairs with KRW, BTC, and USDT were introduced, significantly increasing OM’s exposure to South Korean investors. This move helped fuel a 23% jump in OM’s price, reaching a high of $0.47, before retracing slightly to $0.4381 at the time of writing.

This surge was largely driven by a combination of excitement surrounding the listing and speculation from traders eager to capitalize on the fresh liquidity provided by Upbit. However, as has been the case with many similar rallies, the sustainability of this price action remains in question.

Technical Analysis: Is This Bounce Sustainable?

Looking at the technical indicators, OM has shown signs of recovery after weeks of sideways movement around $0.38. The 23% price spike on May 21 was accompanied by a strong bullish candle, signaling an immediate positive reaction to the Upbit listing. However, the crucial question is whether this move will be more than just a short-term price spike.

The Relative Strength Index (RSI), which had previously dropped to oversold conditions at 17 on May 9, has gradually improved. By May 21, the RSI reached 27.74, suggesting that buying pressure is returning, but it remains well below the neutral 50 level. This indicates that the bullish momentum is still building, but it is far from being fully confirmed.

Additionally, the Moving Average Convergence Divergence (MACD) has shown signs of early bullishness. The MACD line has started to curve upwards, and the histogram is turning green, signaling the potential for more upward movement. However, this is still a relatively early stage, and a confirmed breakout above the $0.47–$0.50 resistance zone is necessary for the rally to gain real traction.

On-Chain and Derivatives Data: A Speculative Surge?

On-chain data and derivatives metrics further highlight the speculative nature of this recent price move. Futures open interest spiked to $175 million on May 11, with funding rates reaching 0.0261%, suggesting that a significant portion of the trading activity was fueled by leveraged traders betting on a continued rise. Volume surged to $1.06 billion on May 11, marking the highest volume since April. However, the excitement faded quickly, suggesting that much of this activity was speculative in nature, rather than based on solid, long-term investor interest.

Following the Upbit listing, OM’s market capitalization rose from $372 million on May 20 to $417 million on May 21, representing a 12% increase. However, the price failed to hold above the $420 million mark for long, further suggesting that this surge might not be sustainable unless supported by strong, consistent demand.

Conclusion: Will OM Sustain Its Gains?

The 23% rally in Mantra (OM) following its Upbit listing is a clear sign of the impact that major exchange listings can have on a cryptocurrency’s price. However, the technicals and on-chain data suggest that this move is likely a short-term reaction, driven by speculative traders and a boost from the South Korean market.

For a more sustainable rally to occur, OM would need to break through the $0.47–$0.50 resistance zone with strong volume and backing from long-term investors. Without this confirmation, OM may struggle to hold onto its recent gains and could retrace to the $0.40–$0.42 range in the short term.

Short-term traders should keep an eye on whether OM can break the $0.50 resistance with increasing volume. Until that happens, there is a risk of a pullback to lower levels, making $0.40 a key level of support.

Long-term investors, on the other hand, may view price dips near $0.38–$0.40 as potential accumulation zones—provided OM can build on its fundamentals beyond exchange listings and foster genuine, long-term growth.

While the rally raised by the Upbit listing has certainly captured attention, its sustainability will depend on whether OM can continue to gain real-world adoption and investor confidence in the weeks ahead.