Mantle Price Surges 20% to $0.91, Eyes $1 Breakout
Mantle price jumped over 20% in 24 hours, rising from $0.72 to $0.91 amid an altcoin rebound. Trading volume spiked 280% to $622 million and market cap hit $2.96 billion.
The network’s ecosystem metrics are up: stablecoin circulation rose 22.8% to $653 million, DeFi TVL climbed to $233 million, and daily active addresses tripled in July. Mantle added 101,867 ETH ($388 million) to the Strategic ETH Reserve and launched the $400 million MI4 index, alongside the mETH protocol for institutional inflows.
On-chain gains have supported bullish momentum. Technically, a bearish RSI divergence appeared as prices made new highs while the RSI weakened, but the RSI now sits at 66 and MACD shows a bullish crossover. The price trades above the 20 EMA, 50 SMA and the middle Bollinger Band near $0.87, with support at $0.68 and $0.55.
A sustained break above $1 could target the all-time high of $1.51. Traders may view dips as buying opportunities.
Bullish
The combined on-chain growth, DeFi TVL expansion and strategic ETH reserve addition reinforce bullish sentiment for MNT. The 20% price surge and high volume confirm strong buying interest, while technical indicators like the bullish MACD crossover and support from moving averages suggest further upside. Existing RSI divergence signals caution for short-term pullbacks, but the robust ecosystem fundamentals and near-term momentum point to a breakout above $1. In the long term, institutional products like MI4 and mETH can sustain demand and reduce volatility. Overall, traders are likely to view pullbacks as opportunities, supporting a bullish outlook.