2024-4-3 22:30 |
Mantle (MNT) price continues to impress investors with its increases and rallies, which has resulted in the altcoin marking a new all-time high.
The question now is whether MNT holders can sustain this rally or move to sell tokens.
Mantle Investors Move QuickMantle price reached a high of $1.31 this past week before correcting to trade at $1.22 at the time of writing. The altcoin still supports the 50-day Exponential Moving Average (EMA).
However, as is with every rally, selling came along, impacting Mantle’s price. According to the supply held by non-exchange whale addresses, about 30 million MNT has already been sold off. This $36 million worth of tokens, although a huge amount, was expected since the crypto asset marked a new all-time high.
Mantle Non-Exchange Whale Address Holding. Source: SantimentRead More: What Is Mantle Network? A Guide to Ethereum’s Layer 2 Solution
Furthermore, upon dividing the total active addresses on the network in terms of profitability, we can observe that the intention of selling is secondary to MNT holders. Nearly 87% of all the active addresses are people at the money, meaning neither in profit nor at a loss. The ones in profit only make up for about 12%.
Mantle Active Addresses by Profitability. Source: IntoTheBlockThis means that MNT holders are not looking to sell at the moment, which will assist the altcoin in rallying further.
MNT Price Prediction: Drawdown or Consolidation?Mantle price will likely maintain its presence above the $1.07 support line for some time now, given it is facing any business pressure. The 50-day EMA is already acting as support, and the $1.07 line has been tested before reinforcing it.
Going forward, the altcoin will potentially make another attempt to post another fresh all-time high. However, it will probably remain consolidated under the newly formed $1.31 resistance level.
MNT/USDT 1-day chart. Source: TradingViewRead More: GoMining Review: A Comprehensive Guide in 2024
However, if the support of $1.07 is broken and MNT falls through, the price will likely see a drop to the $0.94 support level. This is confluence with the 100-day EMA. Losing the $1.00 support area would invalidate the bullish thesis.
The post Mantle (MNT) Rebounds? Analyzing the Impact of a $36 Million Sale appeared first on BeInCrypto.
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