MTL, also known as Mantle, has reached a new all-time high, causing short-term accumulation to skyrocket. The price of Mantle experienced a slight decline after reaching $1.29, but it is still up by 28% in the past 24 hours, currently trading at $1.18. With a market cap of $3.8 billion, Mantle has become the 33rd-largest digital currency.
Furthermore, the daily trading volume of Mantle has seen a 65% increase, reaching $410 million. Most of the trading activity is taking place on the Bybit crypto exchange, with approximately $312 million in trades.
Santiment’s data reveals that the ratio of daily on-chain MNT transactions in profit to loss has consistently grown over the past three days, currently at 1.85. Despite this bullish momentum, there are no indications of the price overheating.
The Relative Strength Index (RSI) of Mantle has increased from 43 to 58 in the past 24 hours, indicating slightly higher price volatility and potential high on-chain activity.
Active deposits of MNT have seen a 32% surge in the past day, reaching 70 unique deposits. However, active Mantle withdrawals have experienced a significant rally of 1,415%, rising from 43 to 651 unique withdrawal transactions across all exchanges.
Overall, these trends suggest a short-term accumulation pattern, although there may still be movements from large whales in the market.