Mantra (OM) is one of the top trending cryptocurrencies on a day when the entire cryptocurrency market is showing bullish signals. It has also emerged as one of the best-performing altcoins of the day. In the past 24 hours, Mantra has shot up by 19% to trade at $0.32.
Mantra is looking to build a DeFi ecosystem that is regulated. Mantra wants to make DeFi compliant with the law and trustworthy and open for investors to use. This is a big deal, considering that DeFi is full of bad actors that are giving the nascent industry a bad name. Mantra aims to achieve its goals through its three core projects, namely, MANTRA Chain, MANTA Finance, and MANTRA Addresses.
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Mantra Staking Gains Traction
Mantra’s current rally is driven by several factors that could see it test even higher prices in the coming days. One of them is the launch of Mantra staking. Investors have taken it up so well that, at the moment, more than 11% of the supply of Manta tokens has been staked. The huge uptake is due to the high rewards for staking OM, including an APY as high as 19% on Polygon.
Even bigger news is that the Mantra community is making proposals that will add to the utility of OM tokens. The idea is to make OM the primary token for all transactions within the Mantra chain ecosystem. This is a big deal as it means that as more people enter the Mantra DeFi ecosystem, the demand for OM tokens will rise, and so will the price.
🧑💻 Tune in as our Co-Founder & CEO, @jp_mullin888, talks about the latest upgrades and enhancements to the $OM token utility, outlining the critical steps forward for $OM‘s integration into the #MANTRA ecosystem!
▶️ Catch the full session here: https://t.co/0PlLqySwJo #RWA pic.twitter.com/vLfjVvhnOw
— MANTRA ⚛️ (@MANTRA_Chain) February 10, 2024
Buyers are also rushing to buy OM tokens to part in the upcoming SOMA token airdrop. Since the airdrop specifically targets OM token holders, there has been a surge in demand, and the same is shown in the strong price rally that Mantra is showing at the moment.
Investors are also keen on Mantra Token after rumors of a potential partnership between Mantra Chain and the government of Dubai. Given the kind of publicity that such a partnership would give to OM tokens, it is not surprising that OM stands out as one of the best-performing altcoins today.
Buyers are also excited that Mantra Token is easily accessible to investors. The token can be purchased on top exchanges like Binance, adding to the buying pressure now that the average investor can easily buy.
In the section below, we take a look at the potential that the Mantra token holds now that bulls are firmly in control of the market.
Mantra Crypto Price Prediction
When going to press, Mantra is trading at $0.312 and has a market capitalization of $248.45 million.
Mantra is currently in consolidation between the $0.25756 support and $0.03342 resistance.
If bulls take control and push Mantra through the $0.03342 resistance, then prices above $0.50 could be seen within the day. If buying volumes surge across the market, Mantra could easily test $1 in the coming days.
However, two scenarios could play out if bulls fail at $0.3342. The first one would be a possible consolidation between $0.03342 and $0.2576. This could continue until a rally pushes Bitcoin past $50k and awakens FOMO across the market.
On the other hand, if bears take control of the market and push Mantra through $0.3342, the token could drop to $0.14, which is a key support level.
However, this scenario is unlikely with the news around Mantra and the strengthening bullish momentum across the market.
Why $1 Mantra Is Likely Coming Soon
There is so much going on around Mantra that will likely drive FOMO in the short to medium term. Staking alone could play a huge role in drawing in more investors into Mantra, and this will continue to show in its price.
Then, there is the fact that bulls are firmly in control across the market. Bitcoin has crossed $48k, and with buying volumes on the rise, it looks all set to test $50k in the coming days.
This will likely drive even more investors into high-potential altcoins for their potential to outperform BTC. With all the big news around Mantra, most of that momentum will continue to flow towards it.
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