Mantra (OM) reaches new ATH, active wallets surge 98%

Mantra (OM) reached a new all-time high (ATH) earlier today. Data shows a notable rise in the number of active addresses.

OM briefly touched an ATH of $1.32 at around 01:15 UTC today. Despite the price correction, the asset is still up by 21% in the past 24 hours and is trading at $1.28 at the time of writing. 

Notably, Mantra recorded a 39% rally over the past seven days, making it the top gainer among the leading 100 cryptocurrencies in the last week.

Moreover, OM’s market cap surpassed the $1 billion mark, making it the 69th-largest digital asset. Mantra’s daily trading volume also rose by 266%, reaching $80 million. 

According to data provided by Santiment, the number of Mantra active addresses increased by 98% in the past 24 hours — rising from 157 to 310. This movement shows that some OM holders have been taking short-term profits as the token stays in the bullish zone.

Data from the market intelligence platform shows that the Mantra total open interest hiked from $36.7 million to $45.3 million over the past day. When an asset’s open interest witnesses a sudden surge, high price volatility is usually expected due to heightened liquidations.

Per Santiment, the total funding rate aggregated by OM is hovering at negative 0.007%, showing that short-position holders are dominating long-position holders. At this point, traders expect a pullback and a further price surge could potentially bring at least $1.5 million in liquidations.

The OM Relative Strength Index (RSI) is currently sitting at 77, according to data from Santiment. The indicator shows that Mantra is overbought at this price point.

An RSI of below the 50 mark could put OM in the bullish zone again.