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The price of the increasingly popular cryptocurrency Mantle (MNT) is trading at an all-time high today after recording an impressive rise in the last 24 hours. Mantle’s price has seen an increase this week following a recovery trigger. Today’s rally of approximately 40% culminated with the altcoin surpassing its previous all-time high of $1.07 to reach an intraday high of $1.30.
Whale Activity in MNT
Given the current market stance, which is quite neutral, this rally could be a development specific to the cryptocurrency. It is indicated that the rise may have gained momentum following a large accumulation by whales holding MNT.
Addresses holding between 100,000 and 1 million MNT saw more than 11 million MNT added to their value in a single day, worth over $12.7 million. The mentioned group is known to influence the price based on historical movements and currently holds about 24.69 million MNT. However, individual investors are not alone in joining this trend, as is clearly seen from active addresses. The number of investors joining the network has increased by 187% in just 24 hours, reaching the highest level since the inception of the cryptocurrency.
Uptrend in MNT
If the current upward momentum continues, the altcoin may sustain this rise and reach even higher levels. This situation could allow the altcoin to maintain its upward trend and see higher peaks. On the other hand, if the upward momentum in the cryptocurrency decreases, Mantle’s price could fall back to the all-time high of $1.07 to test for support. Losing this level could invalidate the bullish thesis, leading to a drop to $1.00. Mantle has recorded a significant rise to an all-time high following a large accumulation by whales, and if the increasing momentum continues, it has the potential to reach higher peaks.
