Key Takeaways

What’s driving Mantle’s recent 11.79% surge?

Mantle [MNT] rallied on strong Spot and Futures demand, with whales buying 400K more tokens and retail traders boosting buy volume by $300K.

Can MNT sustain its gains above $1.9?

If buyers maintain momentum, Mantle could target $2.3, but rising profit-taking poses a risk of a pullback toward $1.59.

Since hitting a low of $1.51, Mantle [MNT] has recorded substantial gains for three consecutive days, hitting a high of $1.96.

At press time, Mantle was trading at $1.94, marking an 11.79% increase in 24 hours. Over the same window, the altcoin’s volume jumped 82% to $362 million, indicating growing on-chain activity.

But is this the start of something bigger?

Demand rebounds as sentiment shifts

Interestingly, as Mantle attempted a recovery following the recent dip, whales turned to selling. As such, the altcoin recorded more whale outflows than inflows for two consecutive days, per Nansen. 

However, the past day saw a significant shift in whale behavior. Top holders increased their holdings by buying 2.7 million tokens, compared to 2.3 million in outflows. 

As a result, top holders bought 400k more MNT, a clear sign of aggressive spot accumulation. 

On top of that, retail traders took the dip as an opportunity to buy. As a result, the altcoin recorded a positive market delta for three consecutive days.