Mantle ($MNT) has rallied over 50% since August 5th, reaching $1.39, significantly outperforming the broader market. This surge is primarily driven by two major exchange developments: the launch of a MiCA-compliant staking product for $MNT on Bybit EU and the announcement of Mantle Perpetual Futures listings on Coinbase International Exchange and Coinbase Advanced, set to go live on August 21st.
The partnership with Bybit, announced on August 5th, is a core part of Mantle's broader 'Mantle 2.0' strategic vision focused on scaling adoption and establishing itself as a leading Layer 2 solution. The exchange also expanded its offerings with a 'Double Win' structured product. The news catalyzed massive market activity. Futures Open Interest for MNT skyrocketed 22.74% to an all-time high of $122.67 million, while derivatives volume jumped 15.2% to $131 million. The Long/Short Ratio surged to 1.09, indicating 52% of futures contracts were long positions, reflecting bullish sentiment.
On the spot market, data from Coinalyze showed aggressive accumulation with a positive Buy-Sell Delta of 171k ($519k buy volume vs. $345k sell volume). Exchange netflow data also indicated higher outflows than inflows, suggesting buyers were withdrawing tokens from exchanges—a typically bullish signal. The rally pushed MNT's RSI to 74, nearing overbought territory, while the Chaikin Money Flow (CMF) rose from negative to 0.08, confirming buyer dominance.
However, technical analysis reveals significant tension at the $1.40 resistance level. Volume footprint data shows heavy selling pressure emerged near $1.38, with one bar recording a net delta of -327K, indicating a 'wall of supply.' The 4-hour chart suggests a potential double-top pattern forming with symmetrical highs at $1.40 and a neckline at $1.30. Successive rejections with long upper wicks on lower timeframes and a flattening MACD hint that bulls may be losing momentum. A break above $1.40 could invalidate this pattern and target $1.45, while a break below the $1.30 neckline could see a retracement toward $1.05.
This period of growth coincided with an unrelated security incident at Turkish exchange BtcTurk, which suspended withdrawals after detecting unauthorized outflows involving various tokens, including MNT. Despite this, the MNT price remained stable, showing no major depreciation following the news.
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