Mantra (OM) has gained significant traction over the past week, showcasing a remarkable 12% increase in its price and cementing its position as the second-largest Real World Asset (RWA) project in terms of market capitalization. This surge brings Mantra’s market cap to approximately $6.8 billion, positioning it in direct competition with established players like Chainlink.
Since early 2024, Mantra has exhibited a robust uptrend, with its price skyrocketing from near zero to nearly $10. Recent movements indicate that the token is breaking past consolidation phases, showing signs of potential further gains. Traders and investors are keenly observing Mantra’s performance as it approaches this crucial psychological milestone.
From a technical analysis standpoint, Mantra is currently trading at about $6.90. Indicators suggest that traders may see additional upside potential. The Bollinger Bands have tightened, signaling an impending spike in volatility. Moreover, the MACD remains in the buy territory while the RSI stands at 58.28, indicating a neutral-to-bullish momentum. Importantly, the trend is confirmed to be strengthening with an ADX reading of 36.31.
Key resistance levels are critical to note; the previous local high at $8.17 is a pivotal point that traders should monitor. A breakthrough above this level could trigger a significant movement towards the $10 target. On the flip side, support is solidified around $6.76 and $5.54, aligning with the lower Bollinger Band and the 20-day moving average.
Aside from price action, the fundamentals supporting Mantra also appear robust. The project has successfully tokenized over $500 million in assets, making significant strides in the real estate sector. Further enhancing its standing, Mantra secured a Virtual Asset Service Provider license from Dubai regulators, a critical achievement in broader market acceptance. The company has forged strategic partnerships totaling over $1 billion, including its recent collaboration with the DAMAC Group.
Additionally, the community surrounding Mantra is preparing for an airdrop amidst some technical hurdles. Following the discovery of over 123,000 fraudulent wallets during the GenDrop campaign, a governance vote was initiated to handle 26.9 million OM flagged as suspicious. In a move to prevent market manipulation, the release of the GenDrop allocation will occur without advance notice. This allocation will consist of a 10% unlock, equating to 1,987,555.64 OM.
