Mantle Network’s native token, MNT, has recently seen significant market activity and interest. This Ethereum scaling solution has caught the eye of investors and market watchers, thanks to a notable increase in demand. On-chain data indicates a surge in both the number of active addresses conducting MNT transactions and newly created addresses, reflecting a growing interest in this asset.

MNT Whales Are Active

As of the time of writing, MNT is showing strong market performance, having risen over 8% in the last 24 hours to $0.8401. Over the past seven days, MNT’s price has increased by 20%, largely driven by the rising demand for the token. This upward trend highlights the growing confidence in MNT among investors.

On-chain data provided by Into The Block reveals a 19% increase in the daily number of active addresses conducting at least one MNT transaction in the last seven days. Additionally, the number of new addresses created for altcoin trading also increased by 15% during the same period. These metrics suggest heightened activity and interest in the Mantle Network, indicating a positive market sentiment towards MNT.

The increase in daily active addresses and new address participation suggests a broader adoption and usage of MNT. This growing activity is often a precursor to a sustained increase in value, as it reflects greater demand and engagement with the token.

Whale Activity and Market Implications

The recent price increase of MNT has not only attracted individual investors but also large holders, commonly referred to as whales. Whale activity analysis shows a significant increase in MNT holdings among these large investors. Specifically, the net flow of large investors has increased by 134% over the past seven days, signaling a strong accumulation phase.

Whale transactions often have a substantial impact on the market due to the large volumes involved. The increased holdings by whales suggest confidence in the future prospects of MNT, potentially leading to further price appreciation. The strategic accumulation by whales can also serve as a bullish indicator for other investors, contributing to a positive feedback loop that supports price growth.

The Future of MNT

As of the time of writing, MNT’s Elder-Ray Index stands at 0.08 and remains above zero. This index has consistently shown a positive outlook since July 13, indicating a bullish market sentiment. The Elder-Ray Index measures the balance of power between buyers and sellers, with a positive value suggesting that bulls are stronger than bears.

If MNT bulls maintain their dominance, the price could surpass the $0.80 mark, which it has already achieved, and potentially target the next resistance level at $0.9383. However, if the price fails to close above this level, bears could regain control, possibly driving MNT’s price down to $0.58.

Technical Analysis and Market Trends

MNT’s recent price movements have been closely monitored by traders and analysts. The token’s performance has been influenced by several technical indicators, providing insights into potential future trends.

Moving Averages

MNT’s price is currently trending above the 50-day and 200-day simple moving averages (SMA), which are critical indicators of the overall trend. The 50-day SMA provides support around $0.818, while the 200-day SMA offers support at $0.743. These moving averages suggest that the uptrend is still intact, providing a solid foundation for further price increases.

Relative Strength Index (RSI)

The Relative Strength Index (RSI) for MNT recently grazed the overbought zone, indicating strong buying pressure. As of now, the RSI stands at 61.2, suggesting that the token is not yet overbought and has room for further growth. The RSI’s moving average at 57.4 provides additional support, indicating that the bullish trend may continue.

Chaikin Money Flow (CMF)

The Chaikin Money Flow (CMF) indicator, which measures the buying and selling pressure, made an all-time high of 0.38 recently, signaling extreme buying pressure. Currently, the CMF stands at 0.34 and is heading upwards, indicating that MNT may continue its uptrend after a brief retrace.

Strategic Outlook for Investors

For investors looking to capitalize on MNT’s recent momentum, it is essential to monitor key support and resistance levels. The $0.80 level serves as a critical support, while the next significant resistance lies at $0.9383. Breaking through this resistance could pave the way for further gains, while failure to do so might lead to a short-term correction.

Conclusion

Mantle Network’s MNT token is experiencing a surge in demand, with increased active addresses, new addresses, and significant whale activity. These developments reflect a growing interest and confidence in MNT, supported by strong technical indicators and market trends. As MNT continues to attract attention, investors should keep a close eye on key levels and market signals to navigate potential opportunities and risks.

The ongoing interest in MNT underscores the broader trend of increasing adoption and engagement with blockchain and cryptocurrency technologies. As Ethereum scaling solutions like Mantle Network continue to evolve, tokens like MNT are poised to play a crucial role in the future of decentralized finance and digital assets.