Will the MNT Crypto See A Rally If Price Surges Beyond $1.2?

• Mantle treasury has observed a drop of $1 Billion from April to May, which is nearly $3.91 Billion.
• MNT token price is currently trading near the value of $0.98, with a drop of 4% in the last seven days.

The Mantle network is an L2 layer on Ethereum for scaling. Its modular architecture separates transaction execution, data availability, and transaction finality into modules that can be individually adapted to the latest innovation. It also helps to hyperscale the network performance at low fees with faster finality.

Developers can build dApps with high exceptional UX while relying on the unparalleled security of Ethereum. The protocol has a very high throughput with Mantle Liquidity staking protocol which lets you stake ETH and receive yield-bearing mETH. Let’s have a look at the onchain analytics of the Mantle protocol. 

Will the Declining Active Users of Mantle Affect its Growth?

Mantle liquid staking protocol (LSP) is a permissionless, non-custodial ETH liquid staking protocol deployed on Ethereum. The amount of mETH staked has remained fairly constant, with a cumulative mETH staked around 574,075. The daily mETH stakers have also declined significantly and are currently near 9. Meanwhile, the total amount of mETH unstakers has taken a surge and is near 33 on a daily average basis.

The Mantle daily active users count has observed a significant decline from the highs of 582 to 65 in the last few weeks. The total value bridged across the Mantle Network is at $510,981,363, with a decrease on a daily basis. As per the data provided by the CMC, the whales’ holdings have remained constant, while the retailers have observed a decline in the holdings.

Mantle treasury has declined from a high of $5.1 Billion to $3.9 Billion in the last few weeks. The treasury consists of $2.9 billion of MNT tokens, while other tokens consist of various other tokens. Let’s assess Mantle Crypto’s price action analysis.

Will The MNT Price Stagnation Continue Further?

Mantle has a market cap of $3.22 Billion and is ranked 35th in the CMC. The VM ratio of the token price is at 0.01, while the volume has seen a decline of 23% in the intraday session. MNT token price is currently trading near the value of $0.98, with a drop of 1% in the intraday session.

The token price is currently forming a bearish candle on the daily chart. It is trading below the 50 and 100 EMA, which can act as a resistance to the price. The upside trend of MNT can see a halt near the value of $1.2. Meanwhile, the support of the price can be seen near $0.8

The RSI of the asset price is currently near 45 with no slope. The overall momentum of the indicator is neutral in nature.

Conclusion

Mantle network is currently seeing a decline in active users and transactions. The MNT stake and the treasury have also declined. The MNT token price is currently in a consolidated range, and a new high can be seen in the future.

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.