The broader cryptocurrency market declined 1.38% to a $3.7 trillion capitalization on August 5, 2025, as traders locked in profits after recent gains. However, Mantle's MNT token surged against the trend, climbing 8% to $0.9389 and rallying nearly 25% over the past week. This performance positioned MNT as the top gainer among the top 100 cryptocurrencies by market cap.
Technical indicators signal robust momentum: The Average Directional Index (ADX) reading of 33 confirms a strong trending environment, while the Relative Strength Index (RSI) at 69 approaches—but hasn’t yet entered—overbought territory. The Squeeze Momentum Indicator points to bullish momentum, and narrowing gaps between long-term and short-term price averages hint at a potential golden cross formation. Key technical levels include immediate support at $0.82, strong support at $0.75, resistance at $1.00, and major resistance at $1.30.
Fundamental catalysts include Mantle’s recent rebranding as a "Web3 Ethereum Treasury," holding $364 million worth of ETH—the largest ETH reserve among blockchain-native projects. This treasury strategy aims to reduce perceived volatility risks for MNT holders. Additional drivers include the upcoming full launch of UR, a Mantle-based neobank concluding beta testing on August 8, and the $400 million Mantle Index Four (MI4) institutional fund launched in April 2025. Network growth is further evidenced by $233 million in DeFi TVL (up 2.4% daily) and $1.7 billion in bridging TVL.
Despite bullish signals, the 4-hour chart shows cautionary signs: RSI hit 73.81 during intraday trading, prompting profit-taking that flipped volume delta negative (-1.07M) near the $0.9207 session high. Analysts warn this overheating may trigger a short-term pullback toward $0.88–$0.885 support before renewed upside attempts.