Mantle (MNT) , the layer 2 scaling solution on Ethereum, has seen its native token’s price retest the key $1 level despite some major losses for other altcoins.
MNT was among a few crypto tokens to trade in the green over the past 24 hours during the Asian trading session on January 21.
Mantle (MNT) retests $1 mark
Mantle token’s 4% gains that saw it reach intraday highs of $1.06 came as Bitcoin battled to hold above $101k and Ethereum at $3,200.
Both BTC and ETH were down more than 4% in the past 24 hours as crypto liquidations hit $630 million a day after US President Donald Trump took office.
Notably, crypto and BTC did not feature during Trump’s inauguration, and not among the first executive orders the president signed. However, with most traders bullish, longs suffered the most pain as crypto reacted lower.
Analysts are however bullish long-term.
Among the top 100 cryptocurrencies by market cap, MNT joined Raydium, ai16z and Gate Token as the top gainers.
This saw bulls bounce to above $1, putting MNT at a previous support level and suggesting further upward momentum could bring the all-time of $1.51 into view. Mantle price reached this milestone in April 2024.
MNT price: Key network metrics
Currently, MNT/USD hovers in the $1.03-$1.06 range.
As can be seen in the 4-hour chart below, the Relative Strength Index and Moving Average Convergence Divergence indicators suggest buyers have an upper hand.
The RSI is upsloping and above 52, while the MACD indicator has the histogram strengthening after a bullish crossover.
Per Coinglass, Mantle looks bullish despite the 24-hour liquidations of over $43k in longs.
The Open Interest for MNT is positive with over $33 million in open positions.
Meanwhile, DeFiLlama data shows Mantle’s total value locked remains above $500 million.
This sees the TVL hover within reach of the peak of $708 million hit in July 2024. A higher TVL suggests a bullish stance from the community.
Mantle has most of this value locked in lending, decentralised exchanges, yield, derivatives and cross chain bridge protocols.
Another key metric is the active and new addresses count.
Data from IntoTheBlock shows an increase in active and new addresses as MNT price rose from lows of $0.95 to above $1.06.
The zero-balance addresses count also showed a slight bump between January 20 and January 21.
The In and Out of Money metric shows nearly 69% of holders are in profit, with the next major hurdle in the $1.16-$1.45 zone.
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