Mantle’s native token, MNT, has emerged as one of the standout performers in today’s market. Despite the broader crypto downturn, its price has surged 12% in the past 24 hours.
On-chain metrics and daily chart readings point to climbing activity on Mantle’s network and rising demand among spot traders. This puts MNT on course to retest its all-time high of $1.86.
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MNT Surge Gains Traction as Demand and Inflows Climb
The positive readings from MNT’s price daily active address (DAA) divergence signal an uptick in the altcoin’s demand, backing its double-digit rally. As of this writing, the metric stands at 63.97%.
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The price DAA divergence tracks the relationship between an asset’s network activity and price. When the metric rises like this during a price rally, it suggests that the asset’s network address activity is growing alongside price, indicating organic demand.
This trend points to strong momentum for MNT, confirming the likelihood that its recent double-digit surge could extend in the short term.
Furthermore, readings from the MNT/USD one-day chart show its Chaikin Money Flow (CMF) sitting above zero, signaling sustained capital inflows into the spot markets. This momentum indicator is at 0.21 and maintains an uptrend as of this writing.
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The CMF indicator tracks the flow of capital into and out of an asset over a set period by combining price and volume data.
When the CMF value holds above the zero line, it signals buy-side pressure, showing that investors are accumulating rather than distributing the token. Conversely, a drop below zero points to selling pressure and potential weakness in the trend.
With MNT’s CMF currently above zero and climbing, strong capital inflows support its recent rally. This further supports the case for a move toward a new price peak.
Mantle Bulls in Control, But Profit-Taking Threatens Rally
A sustained buy-side pressure could push MNT’s price toward reclaiming its $1.861 record high, a level that now forms a resistance barrier. If demand strengthens and MNT breaks above this level, it could reach a new all-time high.
However, if profit-taking resumes, the altcoin’s price could reverse its current trend and attempt to break below the $1.604 support floor.
Source: https://beincrypto.com/mnt-price-defies-market-slump/