There are important developments on the MNT side, which is the native token of the layer-2 network Mantle Network, which serves as an Ethereum scaling solution. The increase in demand that started in the past weeks did not go unnoticed by market followers. On-chain data revealed that there was an increase in the number of newly created addresses as well as addresses performing MNT transactions during the same period.
MNT Whales are on the move
As of writing time, MNT price has shown a strong stance against the market and is finding buyers at $ 0.8401, with an increase of over 8% in the last 24 hours. Looking at the last 7 days, the price of MNT seems to have increased by 20%. When looking at why this rally occurred, the increase in demand on the MNT side had an important place.
On-chain data provided by IntoTheBlock reveals a 19% increase in the daily number of active addresses that have made at least one MNT transaction in the last 7 days. In addition, the number of new addresses created for altcoin trading increased by 15% during the same period.
When the number of daily active addresses of the entity under review increases or there is an increase in the participation of new addresses, this indicates an increase in activity and interest in the network. This situation indicates an increase in demand for the asset and, accordingly, a potential increase in value over time.
The price increase of MNT in the last week did not escape the attention of not only individual investors but also whales. It has been seen that the whales have recently started to increase their MNT.
Whale address transaction reviews conducted by MNT showed that the net flow of large investors increased by 134% in the last seven days.
Future of MNT
As of press time, MNT's Elder-Ray Index has a value of 0.08 and remains above zero. The mentioned index has been providing a continuously positive outlook since July 13.
The mentioned indicator reveals the situation between the power of buyers and sellers in the market. The positive outlook of the value reflects that the bulls are stronger than the bears.
There were speculations that if MNT bulls remained dominant, the price could break through $0.80, which turned out to be true, and it may now be eyeing the next resistance level at 0.9383. However, if the price cannot host a close above the mentioned level despite this rise, the bears may take control again and the price of MNT may be seen to fall to $ 0.58.