Mantra (OM) hit a new all-time high (ATH) earlier today. Data shows a noticeable increase in the number of active addresses.
Today, around 01:15 UTC, OM briefly touched the ATH of $1.32. Despite the price correction, the asset is still up 21% in the last 24 hours and is trading at $1.28.
Notably, Mantra has seen a 39% gain over the past seven days, becoming the top gainer among the top 100 cryptocurrencies over the past week.
Moreover, OM’s market capitalization has surpassed the $1 billion mark, making it the 69th largest digital asset. Mantra’s daily trading volume has also increased by 266%, reaching $80 million.
According to data provided by Santiment, the number of active Mantra addresses has increased by 98% in the last 24 hours, from 157 to 310. This movement shows that some OM holders are taking short-term profits as the token remains in growth territory.
Data from the market intelligence platform shows that Mantra’s total open interest has increased from $36.7 million to $45.3 million in the last day. When an asset’s open interest suddenly increases sharply, it is usually expected to see high price volatility due to increased liquidations.
According to Santiment, the total funding rate aggregated by OM is hovering at negative 0.007%, indicating that short position holders are dominating long position holders. At this point, traders are expecting a pullback, with further price increases potentially bringing in at least $1.5 million in liquidations.
The OM Relative Strength Index (RSI) is currently at 77, according to Santiment. The indicator shows that Mantra is overbought at this price level.
If the RSI drops below 50, OM will be back in the growth zone.
