Mantle (MNT) surged to a record high of $1.65 on September 11, trading around $1.63 at the time of writing. The token has posted impressive gains of 18% in the past 24 hours, 46% over the last week, and 65% in the past month. Its market capitalization currently sits at $5.3 billion, with a fully diluted valuation of $10.1 billion.
Bybit Partnership and Rewards Drive Mantle Rally
The price surge followed Mantle’s expanded partnership with Bybit, announced on September 10 under the initiative “MNT x Bybit 2.0.” The program introduced new trading pairs, yield programs, and institutional features. Over three days, Bybit added several MNT spot pairs against assets such as SOL, ETH, ADA, and SUI.
Additionally, Bybit launched a “HODL & Earn” event, offering users a chance to share a 60,000 XUSD prize pool by holding MNT and XUSD until September 16. The announcement sparked significant trading activity. Mantle’s 24-hour spot volume climbed to $655 million, a 41% increase from the previous day, while derivatives activity also rose, according to Coinglass data.
Open interest jumped 31% to $203 million, and daily futures volume surged 117% to $268 million. Rising volume and open interest suggest that more traders are opening leveraged positions, which can amplify price swings in either direction.
Technical Outlook
After breaking out of its consolidation phase, MNT is now trading above $1.60. Support comes from short- and medium-term moving averages, including the 10-day EMA at $1.32 and the 20-day SMA at $1.22, both trending upward. Momentum indicators are also positive, with MACD and Momentum signaling further potential strength for the token.
However, signs of overbought conditions are emerging. The Relative Strength Index (RSI) has climbed above 70, and the Commodity Channel Index (CCI) is above 300—levels that often signal a potential short-term pullback. Bollinger Bands indicate that the price is hugging the upper band, reflecting strong buying pressure but also heightened volatility risk.
Key support levels are around $1.48, with deeper support near $1.22. On the upside, resistance could be tested between $1.80 and $2.00 if bullish momentum continues. Conversely, a failure to maintain support levels could prompt a correction toward $1.00.
