Mantle (MNT) Rebounds? Analyzing the Impact of a $36 Million Sale

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In Brief

  • Mantle price marked a new all-time high this week, reaching $1.31 before correcting slightly.
  • Whales have sold about 30 million MNT in the span of three days, which was an expected outcome.
  • Active addresses by profitability show that less than 12% of the participants are in profit, suggesting further selling is unlikely.

Mantle (MNT) price continues to impress investors with its increases and rallies, which has resulted in the altcoin marking a new all-time high.

The question now is whether MNT holders can sustain this rally or move to sell tokens.

Mantle Investors Move Quick

Mantle price reached a high of $1.31 this past week before correcting to trade at $1.22 at the time of writing. The altcoin still supports the 50-day Exponential Moving Average (EMA).

However, as is with every rally, selling came along, impacting Mantle’s price. According to the supply held by non-exchange whale addresses, about 30 million MNT has already been sold off. This $36 million worth of tokens, although a huge amount, was expected since the crypto asset marked a new all-time high.

Mantle (MNT) Rebounds? Analyzing the Impact of a  Million Sale
Mantle Non-Exchange Whale Address Holding. Source: Santiment

Read More: What Is Mantle Network? A Guide to Ethereum’s Layer 2 Solution

Furthermore, upon dividing the total active addresses on the network in terms of profitability, we can observe that the intention of selling is secondary to MNT holders. Nearly 87% of all the active addresses are people at the money, meaning neither in profit nor at a loss. The ones in profit only make up for about 12%.

Mantle (MNT) Rebounds? Analyzing the Impact of a  Million Sale
Mantle Active Addresses by Profitability. Source: IntoTheBlock

This means that MNT holders are not looking to sell at the moment, which will assist the altcoin in rallying further.

MNT Price Prediction: Drawdown or Consolidation?

Mantle price will likely maintain its presence above the $1.07 support line for some time now, given it is facing any business pressure. The 50-day EMA is already acting as support, and the $1.07 line has been tested before reinforcing it.

Going forward, the altcoin will potentially make another attempt to post another fresh all-time high. However, it will probably remain consolidated under the newly formed $1.31 resistance level.

Mantle (MNT) Rebounds? Analyzing the Impact of a  Million Sale
MNT/USDT 1-day chart. Source: TradingView

Read More: GoMining Review: A Comprehensive Guide in 2024

However, if the support of $1.07 is broken and MNT falls through, the price will likely see a drop to the $0.94 support level. This is confluence with the 100-day EMA. Losing the $1.00 support area would invalidate the bullish thesis.

This article is sourced from the internet: Mantle (MNT) Rebounds? Analyzing the Impact of a $36 Million Sale

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