Mantra Blockchain Network Sees 10% Rise Amid Crypto Market Downturn

The Mantra blockchain network, a popular platform for real-world asset tokenization, has seen its native token OM rise by 10% despite a broader cryptocurrency market downturn. On Monday, OM reached $5.30, just shy of its year-to-date high of $5.9232 and 40% higher than its starting value for the year.

Market Performance and Validators

OM has surged by over 3,300% in the last 12 months, making it one of the best-performing cryptocurrencies. The token’s recent rally occurred on a day when Bitcoin and most altcoins declined following news of proposed tariffs. The total market capitalization of cryptocurrencies fell by 8% to $3.23 trillion.

The addition of Republic, a major player in the crypto industry, as a validator is likely the reason for the rally. Republic is backed by companies such as Coinbase, Avalanche, Polygon, and Binance. Other top Mantra validators include Allnodes, Enigma, and QuantNode.

Republic’s experience in institutional-grade staking infrastructure and fostering a vibrant investment community aligns perfectly with MANTRA’s mission to democratize access to tokenized RWAs.

Tokenization and Future Prospects

Mantra has established itself as a major player in the crypto industry by focusing on real-world asset tokenization, a sector expected to grow significantly in the coming years. The network has already secured major deals to tokenize real estate projects for two large Middle Eastern companies, MAG and DAMAC.

Tokenization has also drawn interest from Wall Street firms, with BlackRock launching the BUIDL fund, which now holds over $500 million in assets. , a $1.5 trillion asset manager, has also introduced a $400 million fund in partnership with Stellar.

Technical Analysis and Price Forecast

The daily chart shows that OM has been in a strong bullish trend throughout 2024. It recently broke above key resistance at $4.611, the upper boundary of a bullish flag pattern. This flag formed with a long vertical rally followed by a rectangular consolidation between November and January.

Given these technical signals, Mantra is likely to continue rising, with bulls targeting its all-time high of $5.90, followed by the psychological level of $10.

For the latest news and updates on Mantra and other cryptocurrencies, visit Global Crypto News.

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