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Binance listed Manta Network’s native asset MANTA, today saw a surprising 25% increase over the last 24 hours as its price exceeded $3.25. The recent price surge in the altcoin follows nearly a week of consolidation around $2.60. Moreover, MANTA’s trading volume has increased by 103% in the last 24 hours, exceeding $800 million.
What’s Behind MANTA’s Price Rally?
One of the main reasons behind MANTA’s price increase is the strong growth in the value of locked assets (TVL) within the protocol. According to DefiLlama, Manta Network’s TVL has surpassed $430 million. This achievement has placed Manta Network among the top 10 largest decentralized protocols, alongside industry heavyweights such as Coinbase’s Layer 2 network Base, Layer 1 network Avalanche, and Polygon, an Ethereum scaling solution.
Manta Network achieved this success shortly after MANTA was launched through Binance Launchpad. The altcoin’s rapid rise reflects the trend observed in other Binance Launchpad-launched altcoins like Xai (XAI), which moved upward in the days following their launch.
Powered by Celestia‘s (TIA) modular data availability solution and leveraging Polygon’s developer stack, Manta Network stands out by offering a modular Blockchain that supports two key cryptocurrency technologies: Zero-Knowledge (ZK) proofs and Ethereum Virtual Machine compatibility (EVM). Manta Network offers this dual functionality through two platforms named Manta Atlantic and Manta Pacific. These platforms, a Layer 1 network using Polkadot-based ZK technology and a Layer 2 network with EVM support, contribute to Manta Network’s success by drawing market participants’ attention and making it a strong player in the decentralized protocol world.
What’s Next for the Altcoin?
After reaching $3.25 earlier today, MANTA’s price has retracted by approximately 20%. The altcoin is trading at $2.95, up by 8.63% at the time of writing.
Some market experts believe that MANTA’s price could pull back towards $2.70. Crypto analyst Crypto Tony advised investors who opened long positions expecting a rise in the altcoin to take profits in a recent analysis. According to the analysis, a retest of the breakout zone around $2.70 could occur.
