According to crypto.news, Mantle (MNT) surged to an all-time high of $1.68 on September 12 during the Asian morning session before easing slightly to $1.61 at press time. This marks a 35.5% gain over the past week and a 55% increase over the past month, extending its year-to-date gains from lows to over 130%.
The rally coincided with Mantle’s futures open interest reaching a new peak of $211.8 million today, up significantly from $61.95 million around the same time last month. Rising open interest alongside higher prices typically signals that more traders are opening bullish positions, potentially supporting further upside for the token.
Mantle’s recent surge has been fueled in part by promotional campaigns on the Bybit exchange under the “MNT × Bybit 2.0” roadmap. The platform has provided fee discounts on both spot and derivatives trading, as well as VIP-tier benefits for users holding MNT, likely driving increased demand. Additionally, a portion of Bybit’s revenue or Mantle’s treasury may be used to buy back and burn MNT tokens, reducing circulating supply and creating deflationary pressure that can support price growth.
Further supporting the rally, Bybit announced plans to list 21 new spot trading pairs involving MNT, increasing liquidity and offering users more opportunities for trading, hedging, and arbitrage within Mantle’s ecosystem.
Mantle Price Analysis
On the weekly chart, MNT is approaching confirmation of a multi-month double bottom pattern that began forming in early April, signaling potential continued strength in the market.
A double bottom is a bullish reversal pattern that forms when an asset tests a support level twice, with a moderate peak between the two lows. For MNT, the two bottoms are near $0.52, while the neckline sits at $1.39.
MNT has already broken above the neckline, and a successful retest of $1.39 as support would confirm the breakout and validate the pattern.
Another potential bullish signal is that the 20-day simple moving average (SMA) is approaching a crossover above the 50-day SMA. If this golden cross forms, it could signal the start of a multi-week rally.
The MACD indicator also points to bullish momentum, with the MACD lines trending upward and green histograms expanding, suggesting that buyers are firmly in control.
However, MNT’s Relative Strength Index (RSI) has entered overbought territory. While this often signals potential short-term selling pressure, it doesn’t necessarily point to a trend reversal.
In many cases, the RSI can remain overbought for extended periods, particularly during strong bullish momentum, when buyers continue to push prices higher despite technically “overheated” conditions.
Considering the alignment of bullish technical indicators, the next potential target for MNT is $2.28—around 40% above the current level. This target is derived by measuring the depth of the double bottom pattern and adding it to the breakout point at $1.39.
Conversely, a drop below the $1.39 neckline would invalidate the bullish setup and could pave the way for a reversal if selling pressure gains strength.
