Mantra price rises after new validator deal, open interest nears ATH
Mantra, the popular blockchain network for real-world asset tokenization, rose by 10% even as most cryptocurrencies crashed.
Mantra (OM) climbed to $5.30 on Monday, slightly below its year-to-date high of $5.9232 and 40% higher than where it started the year. OM has surged by over 3,300% in the last 12 months, making it one of the best-performing cryptocurrencies.
Mantra’s rally occurred on a day when Bitcoin (BTC) and most altcoins declined following news of Donald Trump’s proposed tariffs. The total market capitalization of cryptocurrencies fell by 8% to $3.23 trillion.
The most likely reason for the rally is the addition of Republic, a major player in the crypto industry, as a validator. Republic is backed by companies such as Coinbase, Avalanche, Polygon, and Binance. It also provides validator services for blockchains like Sui, Near, and Mina Protocol. Other top Mantra validators include Allnodes, Enigma, and QuantNode.
OM’s price also rose as futures open interest reached $422 million, just below its all-time high of $434 million.
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. BlackRock has launched the BUIDL fund, which now holds over $500 million in assets. Franklin Templeton, a $1.5 trillion asset manager, has also introduced a $400 million fund in partnership with Stellar (XLM).Â
Apollo Global, a leading private equity and credit firm, has also entered the tokenized funds space. As a dedicated blockchain for real-world asset tokenization, Mantra is well-positioned to benefit from these industry tailwinds.
Mantra 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.
Mantra has now completed a break and retest pattern by returning to the flag’s upper boundary. A retest is a commonly observed bullish continuation signal. Additionally, OM has formed a bullish hammer candlestick pattern.
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.
