According to reports from AMBCrypto, Mantle [MNT] has emerged as one of the highest daily gainers in the Layer-2 sector, rising 2.95% in 24 hours with a 9.6% boost to daily trading volume. The altcoin has been experiencing a short-term uptrend, rallying by 7.71% since August 4th, marking approximately five consecutive green trading days. These gains represent the latest in MNT's recent performance, with the token now showing early signs of a potential reversal after a week of bearish price action. The latest rally has pushed MNT above both its 20-day and 50-day exponential moving averages (EMAs), marking a key shift in short-term momentum after prolonged selling pressure.
As reported by AMBCrypto, whale activity is playing a major role in the current bullish setup, with Mantle recording an increase in large orders around its current price level. According to CryptoQuant, this whale activity signals growing confidence among larger market participants and often precedes bullish rallies. The Mean Coin Age, which measures the average number of days all tokens have stayed in their current wallets, has been trending higher since March, indicating accumulation among long-term holders. This rising trend, combined with the recent price performance, suggests sustained accumulation among long-term investors and potential for continued buying pressure.
According to the latest analysis from AMBCrypto, the bearish structure break made in June saw Mantle's price fall to a swing low of $0.386. The recent upward momentum represents a recovery from these bearish depths, with technical indicators showing the OBV rising slowly and the A/D indicator increasing, signaling buying pressure. The RSI has crossed over above neutral-50, indicating a bullish momentum shift. The next major focus for bulls is the $0.50 psychological resistance level, with the token's volatility index climbing to monthly-high levels at 1.8%, potentially creating room for larger moves in either direction. If buyers maintain control above the reclaimed EMAs and positive funding persists, MNT could continue climbing towards overhead liquidity clusters.
The current bullish momentum is supported by positive funding rates across all three major exchanges, indicating that long positions may be paying shorts to maintain their exposure. According to AMBCrypto, several liquidation clusters worth approximately $865K positioned above MNT's current price could act as a price action catalyst, with these concentrations of leveraged positions increasing the likelihood of price retesting the zone. However, the $0.45 supply zone remains a key bearish bastion to watch, as a failure to hold above the reclaimed EMAs could expose MNT to renewed selling pressure. The overall trend remains downward from historical bearish structure breaks, though current technical indicators suggest potential for continued accumulation among long-term holders.
