Mantra (OM) Hits 2-Month High of $1.3155 as Staking Rewards and Mainnet Launch Anticipation Boost the Altcoin
- Susan SarandonOriginal
- 2024-10-04 22:22:13649browse
Mantra, one of the altcoins that performed the best in 2024, kept up its impressive run and reached a two-month high.
After performing exceptionally well in 2024, Mantra continued its impressive rally and hit a two-month high among altcoins.
Amidst rising geopolitical tensions, Mantra (OM) price surged to $1.3155, while Bitcoin, Ethereum, and other altcoins witnessed a sell-off. This year, it has surged by over 2,130%.
Its rally was largely accompanied by a continuous surge in its futures open interest, which hit a multi-month high of $30 million. Rising open interest for an asset suggests a strong interest from traders.
Three factors are likely contributing to the sustained surge. First, Mantra has been teasing the launch of its mainnet this month. While a date has not been announced, it is likely to be on October 23 during the Cosmoverse event in Dubai. Typically, crypto companies launch major initiatives around newsworthy events.
With its mainnet, Mantra aims to become the primary network for builders in the Real World Asset tokenization space. Analysts expect the sector to drive greater transparency, enhance liquidity, and facilitate fractional ownership of assets.
Built as a Cosmos network, Mantra’s network will feature decentralization, low transaction fees, a modular architecture, and security and compliance. Its integration with the Inter Blockchain Communication protocol will enable the cross-chain transfer of assets.
Second, Mantra’s surge was fueled by some of the highest staking rewards in the market. Its staking ratio is around 50%, and its staking yield is at 22.32%. A key metric that measures the percentage of circulating tokens that have been staked is the staking ratio.
Strong technicals help sustain OM’s rally
On the daily chart, the Relative Strength Index has been gradually but steadily increasing since August, when it dropped to 36. It was approaching the overbought level of 70 on October 2.
The Average Directional Index, a popular indicator of a trend’s strength, surged to 33. A trend is considered strong when it rises above 25.
Moreover, both lines of the MACD indicator have been rallying, suggesting that Mantra could continue its ascent. Its all-time high, which is 12% above the current level, at $1.4140, serves as the next point of reference.
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