Mantra (OM) Reaches New All-Time High Amidst Market Surge.

Mantra (OM) soared to a new all-time high earlier today, driven by a surge in market activity and investor interest. The cryptocurrency briefly touched $1.32 at approximately 01:15 UTC before experiencing a slight correction. Despite this, OM remains up by 21% over the past 24 hours, currently trading at $1.28.

Over the past week, Mantra has demonstrated impressive performance, recording a 39% increase, leading the growth among the top 100 cryptocurrencies. The token's market capitalization has surpassed $1 billion, positioning it as the 69th largest digital asset. Additionally, OM's daily trading volume saw a significant rise of 266%, reaching $80 million.

Data from Santiment reveals a notable increase in the number of active Mantra addresses, which jumped by 98% in the last 24 hours from 157 to 310. This suggests that many OM holders are capitalizing on short-term profits while the token continues to exhibit strong growth.

The market intelligence platform also reports that Mantra's total open interest climbed from $36.7 million to $45.3 million within the last day. Such a spike in open interest often precedes high price volatility due to increased liquidations.

The overall funding rate for OM, as aggregated by Santiment, is currently at a negative 0.007%. This indicates a predominance of short position holders over long position holders, with traders anticipating a pullback. Further price increases could potentially trigger at least $1.5 million in liquidations.

Moreover, Mantra's Relative Strength Index (RSI) stands at 77, suggesting that the token is overbought at its current price level. A drop in the RSI below the 50 mark would signal a return to the growth zone for OM. $OM