Mantra (OM) has been on an impressive uptrend, gaining 103.37% over the last 30 days. The cryptocurrency hit a new all-time high (ATH) of $7.90 just a few days ago, and although it has retraced slightly, it is still showing signs of strong bullish momentum. As of now, OM is trading at $7.65, having increased by 6.29% in the past 24 hours and 30.07% on the weekly charts.

Strong Upward Momentum

The price surge signals that bullish sentiment is prevailing in the market, with both retail and whale investors driving the growth. Over the past month, the explosive price rise suggests that the bulls have complete control of the market. The key question now is whether Mantra can sustain this rally and continue its upward trajectory toward another ATH.

Whale Activity Drives the Surge

A major contributing factor to this bullish momentum has been the rise in whale activity. According to analysis from AMBCrypto, whale activity on the OM network has spiked by 407% in recent days, signaling increased confidence in the asset’s potential for further gains. When whale activity rises, it generally indicates that large investors are confident in the market’s direction, which could signal more upward price action.

Notably, there has been a notable outflow of Mantra from exchanges, which suggests that whales are accumulating the asset in anticipation of future price increases. Over the past 24 hours, the netflow of OM has turned negative for the first time in five days, which reflects high exchange outflow. This suggests that investors are looking to hold onto their tokens rather than selling, further supporting the idea of a potential price surge.

Technical Indicators Suggest Room for Growth

Despite the rapid price increases, Mantra’s technical indicators suggest that there could still be room for further growth before any significant correction takes place. The Relative Strength Index (RSI) has risen to 73, but it has not yet reached overbought conditions, meaning there is still potential for the price to rise further without an immediate correction.

Additionally, the Market Value to Realized Value (MVRV) ratio for long-term holders (LTHs) has risen from 117% to 131% in just one week. This indicates that the profit margins for long-term holders are increasing, and their confidence in the market is strengthening.

Key Support and Resistance Levels

As Mantra approaches its crucial support level at $7.6, all eyes are on whether it can break through this level and continue its rally to new heights. A daily close above $7.6 would validate the bullish outlook, positioning the altcoin for further gains and potentially another ATH.

On the other hand, if a market correction takes place at this level, the price could retrace toward $6.80. In that case, investors will be closely monitoring whether the support at $6.8 holds, as it could provide a solid base for the next phase of upward movement.

Conclusion

Mantra (OM) has shown tremendous growth in the last 30 days, fueled by increased whale activity and strong bullish sentiment among investors. The current market conditions are favorable for a continued uptrend, and if OM manages to break through the key support level at $7.6, it could be on track to hit another ATH. However, traders should remain cautious of potential corrections and keep an eye on key price levels to gauge the next move for OM.