Mantle Network’s Native Token MNT Sees 17% Surge Amidst Upcoming Developments

Mantle Network’s native token, MNT, has resumed its ongoing rally, with the project unveiling several upcoming developments that are expected to expand its ecosystem. On January 24, MNT surged 17% to an intraday high of $1.28, bringing its market capitalization to nearly $4.2 billion. The price surge was accompanied by a 60% jump in the altcoin’s daily trading volume, which exceeded $213 million.

What’s Behind the MNT Rally?

The rally in MNT can be attributed to the project’s developers announcing six key products that they are working on this year to expand the ecosystem. These include:

  • Enhanced Index Fund, a crypto fund
  • Mantle Banking, a blockchain-based banking platform
  • MantleX, a platform focused on creating AI agents

These new pillars are expected to support the growth of the Mantle ecosystem, which already includes the modular layer-2 blockchain Mantle Network, the mETH protocol—a liquid staking product—and its wrapped BTC product ‘Ignition FBC.’

On-Chain Data Indicates Strong Network Health

On-chain data from IntoTheBlock shows a 50% jump in the number of active addresses completing at least one MNT transaction over the past week. Additionally, the number of new addresses created has also increased by nearly 16% during the period. This uptick in daily active addresses and new addresses is a sign of strong network health and indicates growing adoption of the network.

Buyer Demand on the Rise

Data from CoinGlass shows increasing withdrawals from exchanges since the start of the year. Such exchange outflows suggest that buyers intend to hold onto their investments, anticipating further potential gains over the long term.

MNT Price Analysis

On the daily USDT price chart, Mantle has climbed back above the 50-day moving average, signaling that bulls are regaining control of the market. The MACD line has also crossed above the signal line and is pointing upwards, indicating that bullish momentum is building.

The Aroon indicator shows the Aroon Up at 92% while Aroon Down showed a reading of 71%, which means the strength of the uptrend is far higher and could help the rally extend further in the coming days.

Based on these indicators, MNT could likely continue its rally to test its January 6 resistance level at $1.42, a break above which could push prices towards the next psychological resistance at $1.5.

At the time of writing, MNT‘s price stood at $1.23, down a little over 19% from its all-time high.

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