Mantra’s price rose for three consecutive days, becoming one of the best-performing cryptocurrencies, while the price of most others declined.
Mantra (OM) token rose to $4, slightly above its lowest level this week. This rebound increased the token’s market capitalization to over $3.8 billion.
Its growth occurred even as yields fell to 15.4%. This represents a decline of more than 12% in the last 24 hours, according to StakeRewards. The drop came despite betting market capitalization rising more than 5% to $2.4 billion.
However, Mantra offers one of the highest staking rewards in the crypto industry. For example, Polygon yields 5.6%, while Ethereum (ETH) and Solana (SOL) yield 3.2% and 6%, respectively.
Staking involves delegating tokens to ensure the security of the network. Profitability is usually formed in the form of commissions that the network earns and is distributed monthly.
Mantra’s strong staking returns have contributed to its status as one of the best-performing cryptocurrencies this year, with its price rising more than 7,200% from its lowest point.
This rally recently intensified when the network launched MantraChain, a layer 1 network for creating real asset tokenization products. MantraChain aims to become the premier blockchain for developers in the fast-growing tokenization sector.
According to the developers, the chain solves the blockchain trilemma: decentralization, security and scalability using the Cosmos SDK, one of the most popular platforms in the crypto industry.
The tokenization industry has grown significantly in recent years. For example, Ondo Finance (ONDO), leading tokenization project, has accumulated over $600 million in assets. Other tokenized assets, such as BlackRock’s BUIDL and Franklin Templeton’s FOBXX, have total assets of over $1 billion.
Mantra price is gearing up for a big move forward
The daily chart shows that OM price has consolidated in recent weeks after rising vertically in November.
This consolidation phase is part of a bullish pennant, a popular continuation signal. The pattern consists of a long vertical line followed by a symmetrical triangle. Assets typically experience strong breakouts as the triangle approaches the confluence point.
If the situation continues, the OM price could recover and initially rise to a year-to-date high of $4.5. A move above this level could signal further gains, potentially pushing the price towards the next psychological level of $5. However, a fall below the $3.5 support level will invalidate the bullish outlook.
