The post Why is Mantle (MNT)’s Price Up Today? Is a New ATH at $1.8 on the Horizon? appeared first on Coinpedia Fintech News
Mantle’s (MNT) price has been displaying some of the strongest bullish actions since the start of the week. The token exhibited strong bullish momentum, climbing from $0.7 to above $0.9 in a few hours, indicating renewed interest among market participants. Moreover, the technicals and the chart patterns appear in favour of a breakout. This has revived the hopes for an extended bullish action above $1, which may further help the price to smash a new ATH.
Massive Increase in DAU & TVL
The volume over the platform has been on the rise since the early trading hours. The levels have seen a sudden surge from around $160 million to over $550 million, recording a jump of over 220%. However, the trading activity over the platform has been on the rise since mid-July, which could remain elevated hereafter.
Data from Dune analytics suggests a sudden rise in the daily active users since July, which is the number of unique users interacting with Mantle transactions daily. This indicates a significant rise in user engagement and platform activity. On the other hand, TVL, which remained flat since October 2024, also experienced a quick rise.
TVL is the total value locked on the platform, which is used to assess the protocol’s growth, user trust and overall market position. On the other hand, the total bridged TVL from Ethereum has also seen a substantial rise, suggesting the value is flowing out of Ethereum to Mantle. This seems to have a larger impact on the MNT price rally, which is about to smash $1 anytime from now.
New ATH Loading for Mantle (MNT) Price Rally
Since the beginning, the MNT price has been trading within a structure that has prevented a huge pullback. After hitting the lows around $0.55, the price triggered a strong rebound and has been maintaining a consistent upswing. The token has recorded a massive bullish opening for the week, and hence, the price is expected to remain inflated until the end.
The weekly chart of MNT price indicates the token has begun to rise, and with this flashes the possibility of a double-bottom pattern. Interestingly, the neckline is situated around the ATH at $1.51. Therefore, a rise from these levels may push the Mantle price in the discovery phase, paving the way for new highs, above $1.8 or even $2. However, the token needs to clear the barriers at $0.911 and $1.2, while the divergence in the DMI levels validates the beginning of a fresh bullish wave.
Therefore, the Mantle (MNT) price has begun to swell, and hence the token is expected to keep up the momentum and mark a new ATH later this week.
