MNT’s trading volume spiked by 15.7%, showcasing increased market interest.
Mantle (MNT) has impressively surged by 16.06% over the past 24 hours, surpassing the $1.30 threshold, and extending its weekly gain beyond 30%. This rise in the altcoin’s value is particularly noteworthy as it occurred when the risk appetite was suppressed due to higher-than-expected US PPI data, which pulled Bitcoin $118,417 down from $124,000 to $117,000. While major altcoins like Ethereum $4,542, Solana $192, and Cardano $0.969244 suffered significant losses during this period, MNT coin positively differentiated itself from the market with a double-digit increase.
ContentsBybit EU Announcement Accelerates Altcoin RallySignificant Price Thresholds on Mantle’s Chart Bybit EU Announcement Accelerates Altcoin Rally
The rally began on August 14th with Bybit’s European branch, Bybit EU, announcing its first launchpool involving MNT. Users can allocate MNT, XION, and USDC to share in a 100,000 XION reward pool. This product marked Bybit’s first MiCA-compliant staking solution, highlighting regulated integration in the European market. Consequently, MNT coin’s demand channel strengthened, attracting increased buyer interest.
On August 16th, the weekend rally continued with the announcement of two new use cases by Mantle and Bybit. The “Double Win” structured product on Bybit Earn aimed to provide returns from bidirectional volatility for MNT holders, while the collaboration with Crypto Content Creator Campus enables content creators to purchase event tickets and open tools with MNT.
Significant Price Thresholds on Mantle’s Chart
As Mantle’s price surpassed $1.30, Coinglass’s liquidation map indicated over $5 million in short positions clustered between $1.31 and $1.40. This accumulation represents 93% of active short positions in the past week, forming a potential ceiling where sellers might try to suppress upward movement. In contrast, long positions far exceed the short cluster with $16 million.
Trading volume continues to rise, showing increasing interest in the altcoin. According to CoinMarketCap data, MNT’s trading volume increased by 15.7% over the past 24 hours, reaching $654 million, hitting the week’s highest level.
If sellers cannot defend this band and a short squeeze is triggered, the price could sail to $1.40 and beyond. Weaker resistances might suggest a strong rise towards $2. Conversely, if the price fails to hold above $1.30, MNT risks retreating to the $1.20 area. In the short term, the $1.35 level will be the first test to watch.
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