Navigating Post-30 Million Sale Effects

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Mantle (MNT) price continues to impress investors with its increases and rallies, which has resulted in the altcoin marking a new all-time high.

The question now is whether MNT holders can sustain this rally or move to sell tokens.

Mantle Investors Move Quick

Mantle price reached a high of $1.31 this past week before correcting to trade at $1.22 at the time of writing. The altcoin still supports the 50-day Exponential Moving Average (EMA).

However, as is with every rally, selling came along, impacting Mantle’s price. According to the supply held by non-exchange whale addresses, about 30 million MNT has already been sold off. This $36 million worth of tokens, although a huge amount, was expected since the crypto asset marked a new all-time high.

Mantle Non-Exchange Whale Address Holding.
Mantle Non-Exchange Whale Address Holding. Source: Santiment

Read More: What Is Mantle Network? A Guide to Ethereum’s Layer 2 Solution

Furthermore, upon dividing the total active addresses on the network in terms of profitability, we can observe that the intention of selling is secondary to MNT holders. Nearly 87% of all the active addresses are people at the money, meaning neither in profit nor at a loss. The ones in profit only make up for about 12%.

Mantle Active Addresses by Profitability.
Mantle Active Addresses by Profitability. Source: IntoTheBlock

This means that MNT holders are not looking to sell at the moment, which will assist the altcoin in rallying further.

MNT Price Prediction: Drawdown or Consolidation?

Mantle price will likely maintain its presence above the $1.07 support line for some time now, given it is facing any business pressure. The 50-day EMA is already acting as support, and the $1.07 line has been tested before reinforcing it.

Going forward, the altcoin will potentially make another attempt to post another fresh all-time high. However, it will probably remain consolidated under the newly formed $1.31 resistance level.

MNT/USDT 1-day chart.
MNT/USDT 1-day chart. Source: TradingView

Read More: GoMining Review: A Comprehensive Guide in 2024

However, if the support of $1.07 is broken and MNT falls through, the price will likely see a drop to the $0.94 support level. This is confluence with the 100-day EMA. Losing the $1.00 support area would invalidate the bullish thesis.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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