Mantra (OM) Suffers 95% Plunge as Whale Sell-Offs, Market Fear, and Technical Barriers Fuel Persistent Bearish Pressure
Mantra (OM) has experienced a dramatic 95% decline from its March highs, currently trading near $0.32. This steep drop is linked to structural breakdowns, extreme market capitulation, and heightened bearish sentiment, evidenced by a severely oversold RSI between 23 and 25. Whale holders have aggressively exited, with whale netflows dropping by 129% over the past month and by more than 4000% in 90 days. While short-term whale accumulation was spotted, it lacked conviction and failed to boost recovery.
An overwhelming 93.77% of OM holders are now at a loss, establishing significant resistance from $0.32 upwards, meaning many may sell into any rebound due to loss aversion. Despite this, user activity is rising—with new addresses up 21.84% last week—signaling speculative retail interest at these low prices. However, without ongoing whale or institutional support, retail traders are unlikely to reverse the prevailing bearish trend. Derivatives data shows liquidations of both long and short positions in the $0.30-$0.35 zone, underlining ongoing volatility and trader uncertainty.
A previous 150 million token burn by the CEO, which constituted 10% of total supply, failed to reverse sentiment or generate sustained gains. Until OM can meaningfully break above major resistance levels and absorb substantial underwater supply, bearish dynamics are expected to persist. Caution is warranted for traders, as any rallies are likely to be met with selling pressure from underwater holders. The overall outlook remains negative unless clearly renewed bullish momentum emerges.
Bearish
Both news summaries highlight persistent bearish pressure on Mantra (OM), driven by a precipitous 95% price drop, major whale sell-offs, and a glaring lack of confidence among large holders. Despite a temporary surge in user activity and speculative retail buying, overwhelmingly negative on-chain and technical indicators—such as extreme oversold RSI, whale capitulation, and nearly all addresses being underwater—continue to dominate. Major resistance above current levels increases the likelihood of further sell-offs by loss-averse holders during rebounds. The derivatives market also signals risk and indecision, with liquidations on both sides indicating uncertainty. Overall, the situation points to continued volatility and downside risk for OM, justifying a bearish short- and mid-term outlook unless clear, sustained bullish momentum returns.