High staking yield may prevent a Mantle sell-off

High staking yields may be preventing a sell-off of Mantle (MNT) tokens, as most investors are still holding onto their tokens despite recent gains. The percentage of MNT coins in profit has risen to over 91%, indicating that investors are confident in their holdings. This is likely due to the attractive staking yield offered by MNT, as investors are looking to boost their earnings. However, if MNT experiences a significant rally that pushes it close to its all-time high, the incentives to sell may increase. Additionally, the launch of spot ETH ETFs and the growing total value locked (TVL) in Mantle’s L2 chain could provide a catalyst for further price movement. It’s worth noting that a significant portion of MNT is held by whales, so a dump could occur if they decide to book profits. Currently, the 30-day MVRV is at 5.7%, indicating that addresses that bought MNT within the last 30 days are only slightly up on their investment, making a sell-off unlikely at this stage. In the coming days, MNT is expected to see slight gains and enter a sideways movement until a price catalyst emerges. If there is a bearish move, MNT may fall to collect liquidity around $0.99, but it could surge to challenge its previous all-time high if it overcomes the $1.14 resistance.