Mantle (MNT) Price Recovers 44% Since July 5 Low as Whales Accumulate Ahead of Airdrop

Mantle Network’s Metamorphosis started an airdrop campaign on July 17. This offers users the opportunity to earn COOK tokens over 100 days

Mantle (MNT) price surged over 40% in the past 24 hours, making it one of the top performers among the large-cap cryptocurrencies. The token price recovered 44% from its July 5 low of $0.60.

Several factors may have contributed to MNT’s recent price increase.

Mantle Airdrop Sparks Interest

One key development that could be driving interest in MNT is the Mantle Network’s Metamorphosis airdrop campaign, which began on July 17.

The airdrop aims to provide users with COOK tokens over 100 days for staking Mantle Staked Ether (mETH) and participating in daily activities.

To participate, users need to connect their wallets on the Mantle airdrop page.

Through mETH positions on partner protocols, users can earn Powder daily, which can then be converted into COOK tokens. A total of 200 million COOK tokens are allocated for the campaign.

The initiative aims to enhance Ethereum’s scalability and security while encouraging active participation in the network.

Furthermore, the campaign offers additional incentives, such as extra COOK for the Puff community and Powder through referrals.

Whales Accumulate MNT Ahead of Airdrop

Data from IntoTheBlock also indicated a significant uptick in activity, with daily active addresses rising by 29% and new addresses increasing by 44% in the week leading up to July 19.

Moreover, a spike in large holder netflow suggests that whales are accumulating the token.

Increased network activity and large holder interest appear to be driving MNT’s recent price surge. It went from a low of 583,000 MNT on July 16 to a high of 8.56 million MNT on July 19.

Even though positive netflow usually indicates incoming selling pressure, the reason behind MNT transfer to exchanges could be attributed to the airdrop campaign and is interpreted positively.

MNT Price Analysis:斐波那契 Fib Levels Provide Support, Resistance

Analyzing MNT’s price action on the four-hour chart reveals that the token found support at the 0.618 Fibonacci retracement level, which is typically where corrective stages conclude.

From there, Mantle’s price rose to a high of $0.86, which was still rising as of July 19. However, the RSI indicator on the four-hour chart reached 78%, signaling that MNT is entering overbought territory and may be due for a pullback.

If the price manages to establish a higher low, ideally above $0.72, during this anticipated pullback, it would confirm the beginning of a new uptrend, which could propel MNT to $1 or higher.

Such a move would complete the first five-wave impulse of a potentially sustainable bull phase, setting the stage for Mantle to reach a new all-time high later in 2024.

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