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The price of Mantle (MNT) has climbed sharply in recent sessions, drawing renewed attention from traders and institutions.

At press time, MNT was trading at $1.62 with a 24-hour range of $1.36 to $1.66.

The rally has pushed the token close to previous highs while sparking debate over whether technical momentum will hold.

At the same time, key indicators are sending mixed signals about the strength and sustainability of the move.

The immediate spark behind the rally was a partnership with Bybit.

The exchange announced that it would list 21 MNT trading pairs and rolled out “HOLD & earn” programs featuring MNT and XUSD, which drew fresh liquidity.

Those listings, combined with promotional programs, brought both retail and institutional attention back to the asset.

Whales and large buyers also played a role in the run-up. Major on-chain purchases have accelerated momentum over the week.

Institutional traders are flocking in, driven by the new incentives on Bybit, where pledged MNT now unlocks perks such as higher leverage and lengthened loan terms.

Mantle’s token history adds context to current flows.

BitDAO migrated 1:1 into Mantle on July 17, 2023, a structural event that reshaped supply dynamics.

That migration has influenced liquidity patterns and remains a factor in how markets perceive MNT.

Technically, MNT has broken out of a bullish triangle in its recent run.

The breakout carried the price toward a key resistance zone around $1.514. Notably, it has failed to clear this level twice in the past.

Momentum indicators offer a split view. The Average Directional Index (ADX) is climbing after falling below 20, a sign that the bullish trend remains intact and could extend.

However, the Money Flow Index (MFI) sits near 61.31, pointing to growing liquidity outflows that could undermine continued upside.

On the other hand, spot and derivatives markets look constructive.

CoinGlass data shows daily buy volume at around $5.3 million, and open interest in derivatives has jumped by 22% to about $163 million.

Notably, the funding rates are skewed positive, implying that leveraged longs were willing to pay to maintain positions.

If buying pressure endures and exchanges continue to deepen listings, MNT could test and potentially exceed prior highs.

The Bybit integration and institutional features provide a credible narrative for continued inflows.

A clean breakout above resistance would likely draw additional momentum traders.

On the other hand, repeated rejections at the $1.514 zone could invite a cooldown.

Growing liquidity outflows, as reflected by the MFI, would increase downside risk if selling accelerates.

Traders should watch the interplay of ADX, MFI, funding rates, and open interest for clearer signals.

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