Ethereum scaling solution Mantle Network’s native token, MNT, has seen significant developments. The recent increase in demand has not gone unnoticed by market watchers. On-chain data revealed an increase in both the number of addresses conducting MNT transactions and newly created addresses during the same period.
MNT Whales Are Active
As of the time of writing, MNT’s price is showing strong market performance, rising over 8% in the last 24 hours to $0.8401. Over the past 7 days, MNT’s price has increased by 20%. The demand increase for MNT played a significant role in this rally.
On-chain data provided by IntoTheBlock shows a 19% increase in the daily number of active addresses conducting at least one MNT transaction in the last 7 days. Additionally, the number of new addresses created for altcoin trading also increased by 15% during the same period.
An increase in the daily active address count or new address participation indicates heightened activity and interest in the network. This suggests a rise in demand for the asset, potentially leading to a value increase over time.
The recent price increase of MNT over the past week has caught the attention of not only individual investors but also whales. It has been observed that whales have been increasing their MNT holdings recently.
Whale address transaction analysis for MNT shows that the net flow of large investors has increased by 134% over the past seven days.
The Future of MNT
As of the time of writing, MNT’s Elder-Ray Index is at 0.08 and remains above zero. This index has consistently shown a positive outlook since July 13.
This indicator reveals the balance of power between buyers and sellers in the market. A positive value indicates that bulls are stronger than bears.
If MNT bulls remain dominant, the price could exceed $0.80, which has already happened, and may now be targeting the next resistance level at $0.9383. However, if the price fails to close above this level, bears could regain control, potentially driving MNT’s price down to $0.58.
