MTL achieves record high, experiences a rapid surge in short-term accumulation
Mantle (MNT) has hit a new record high as investors demonstrate an accumulation pattern in the midst of a bullish market. The price of Mantle experienced a slight decline after reaching an all-time high of $1.29 on March 27 at around 05:30 UTC. However, it is still up by 28% in the past 24 hours and is currently trading at $1.18. The market capitalization of the asset has grown to $3.8 billion, making it the 33rd-largest digital currency.
The daily trading volume of Mantle has also seen a significant increase of 65%, reaching $410 million. The majority of the trading activity for the token is happening on the Bybit crypto exchange, accounting for approximately $312 million.
Data provided by Santiment reveals that the ratio of daily on-chain MNT transactions in profit to loss has been consistently rising over the past three days, currently standing at 1.85. Despite this bullish momentum, it is expected that there may be a wave of profit-taking movements.
Santiment also reports that the Relative Strength Index (RSI) of Mantle has surged from 43 to 58 in the past 24 hours, indicating a slightly increased price volatility and the potential for high on-chain activity.
In terms of deposits and withdrawals, there has been a 32% increase in active MNT deposits over the past day, reaching a total of 70 unique deposits. However, the number of active Mantle withdrawals has skyrocketed by 1,415% in the past 24 hours, rising from 43 to 651 unique withdrawal transactions across all exchanges. This trend suggests a short-term accumulation pattern, with the possibility of large whale movements in the future.
Overall, Mantle continues to make significant strides in the market, attracting the attention of investors and experiencing notable trading activity.
