Mantra (OM) surges 70%, stabilizing at $6 as whale accumulation and rising demand for tokenized assets drive momentum - IcoHolder.
Mantra (OM) cryptocurrency has seen a remarkable price surge, stabilizing around the $6 mark on Tuesday, despite ongoing volatility in the crypto markets. The coin has gained 70% over the past 17 days, catching the attention of traders and investors alike. This rally, driven by shifting market dynamics and increasing demand for tokenized real-world assets (RWAs), has positioned OM as one of the top-performing altcoins.
The OM price has shown resilience as it gained from $3.20 to stabilize at $6.00 by February 11, marking a strong upward trajectory. Experts point to the broader macroeconomic volatility as a catalyst for this surge, particularly in light of the increasing interest in RWAs such as bonds and treasury-backed tokens. In times of uncertainty, investors often flock to these assets, seeking stability within the digital asset space.
As of now, Mantra ranks among the top three altcoins by market performance, according to CoinGecko data. This performance stands out given the current challenges in the broader cryptocurrency market.
A closer look at whale activity reveals a significant shift toward OM as large investors position themselves for future growth. On-chain data from Santiment highlights a notable increase in holdings by the top 10 largest OM wallets. These whales, which control a combined balance of 663.8 million OM as of February 11, have added an impressive 15.6 million OM coins over the past week. This accumulation is valued at approximately $93.6 million and signals institutional confidence in the token's long-term potential.
In a market correction, whale accumulation is often viewed as a sign of strength, providing liquidity while maintaining price stability. The recent purchases reinforce the idea that OM’s bullish momentum could continue if buying pressure persists in the coming days.
With OM currently consolidating near the $6 level, its near-term price action will depend on whether it can break through its recent high of $6.47. Analysts are eyeing a potential breakout above this level, which could propel the price toward the next key resistance at $7.50. The Elliott Wave structure suggests that Wave 5 may have peaked, with possible retracement levels at $5.16, $4.75, and $4.35.
Despite some signs of weakening momentum, the MACD remains bullish, and the Parabolic SAR at $4.87 provides a solid support level. Should OM fail to maintain its $6.00 floor, it could experience a correction before resuming its uptrend. However, if it breaks above $6.47, it could continue to see gains in the coming sessions.
As it stands, OM's ability to navigate this period of volatility and its strategic positioning in the broader market could determine whether it reaches new heights above $7.50.
