Key Points
- Mantra (OM) hit a new all-time high, with a significant increase in active addresses.
- Despite a price correction, Mantra’s market cap exceeded $1 billion and its daily trading volume rose by 266%.
Mantra (OM) set a new record today, hitting an all-time high. The data indicates a significant increase in the number of active addresses.
At around 01:15 UTC today, OM momentarily reached an all-time high of $1.32. Even though there was a price correction, the asset has risen by 21% in the last 24 hours and is currently trading at $1.28.
OM’s Impressive Performance
In the past week, Mantra has seen a 39% rally, making it the top performer among the top 100 cryptocurrencies.
Furthermore, OM’s market cap has exceeded the $1 billion mark, making it the 69th largest digital asset. The daily trading volume of Mantra also increased dramatically, rising by 266% to reach $80 million.
Data Insights
Santiment data shows that the number of active Mantra addresses has increased by 98% in the last 24 hours, rising from 157 to 310. This indicates that some OM holders have been taking short-term profits while the token remains in the bullish zone.
The market intelligence platform data also shows that the total open interest in Mantra increased from $36.7 million to $45.3 million over the past day. This kind of sudden surge in an asset’s open interest often leads to high price volatility due to increased liquidations.
According to Santiment, the total funding rate aggregated by OM is currently at negative 0.007%, indicating that short-position holders are dominating long-position holders. Traders are anticipating a pullback, and a further price surge could potentially lead to at least $1.5 million in liquidations.
The OM Relative Strength Index (RSI) is currently at 77, according to Santiment data. This suggests that Mantra is overbought at this price point. If the RSI falls below 50, OM could enter the bullish zone again.
