Mantle Price Hits New All-Time High

Mantle price has hit a new all-time high, driven by recent developments that have expanded its market presence. Will the ongoing rally continue, or is the momentum fading?

Recent Price Movements

According to data from bitpulse, Mantle shot up to an all-time high of $1.68 on Sep. 12, morning Asian time, before settling a little lower at $1.61 at press time. At this price, it is up 35.5% over the past 7 days and 55% over the last month. It also extends the token’s gains from its year-to-date lows to over 130%.

Open Interest and Bullish Positions

The token’s rally coincided with its futures open interest also hitting a new peak at $211.8 million today, significantly higher than the $61.95 million seen around the same day last month. When increases in open interest align with rising asset prices, it means more traders are opening bullish positions, which could support further upside for the token.

Promotional Campaigns and Incentives

Mantle’s surge this week was driven by recent promotional campaigns surrounding MNT on the Bybit exchange as part of Bybit’s “MNT × Bybit 2.0” roadmap. The platform has offered fee discounts (on both spot and derivatives) and VIP-tier benefits to users holding MNT while trading. Such incentives could have driven greater demand for the token.

Token Buyback and Burning

Additionally, part of the revenue from Bybit (e.g., exchange fees) or Mantle’s treasury may be used to buy back MNT tokens and burn them, effectively removing them from circulation. When such reduction in supply occurs, it tends to create deflationary pressure on the token, which could support price appreciation.

Increased Liquidity

Mantle’s gains have also been supported by Bybit’s announcement that it will list 21 new spot trading pairs involving MNT, a move that will increase liquidity and give users more ways to trade, hedge, or arbitrage across more pairings in Mantle’s ecosystem.

Mantle Price Analysis

On the weekly chart, MNT price is close to confirming a multi-month double bottom pattern, which began to take shape at the start of April this year.

Bullish Reversal Pattern

A double bottom is a bullish reversal pattern that forms when an asset tests a support level twice with a moderate high between the lows. For MNT, the two bottoms lie near $0.52, while the neckline is positioned at $1.39.

Breakout and Golden Cross

MNT has already broken out above the neckline, and a successful retest of the $1.39 level as support would confirm the breakout and validate the pattern. Another potential bull sign was that the 20-day simple moving average is poised to cross above the 50-day moving average. If confirmed, this would form a golden cross, a bullish signal that is often followed by multi-week rallies.

MACD Indicator

A look at the MACD indicator also shows the MACD lines have been trending upwards, accompanied by growing green histograms, which is another confirmation that bulls are the dominant force at the moment.

Relative Strength Index

However, MNT’s Relative Strength Index has crossed into overbought territory. While this is a telltale sign that the rally could face short-term selling pressure, it does not necessarily indicate a trend reversal.

Next Target

Given this confluence of bullish technical signals, the next likely target for MNT lies at $2.28, 40% above the current price level. This is calculated by measuring the depth of the double bottom formation and adding it to the breakout point at $1.39.

Reversal Risk

However, a drop below the $1.39 neckline would invalidate the setup and could open the door for a reversal if sellers begin to regain control.