Points
- Mantle （MNT） sees an 18% price increase over the past seven days.
- Token holders begin profit-taking, increasing MNT’s supply on exchanges.
- Profit-taking could lead to a price drop if selling pressure persists.
- Mantle’s future price could fluctuate between $0.80 and $0.93.
Mantle Holders Start Profit-Taking as Price Surges
Mantle （MNT）, the token powering the Layer 2 stack for Ethereum, has witnessed a significant price surge of 18% over the past seven days. However, this rise in value has prompted many token holders to start taking profits, leading to an increase in MNT’s supply on cryptocurrency exchanges.
Increased Supply on Exchanges
According to data from Santiment, there are now 321 million MNT tokens, worth around $286 million at current market prices, held in wallets on exchanges. This trend began on July 17 and has seen a 3% increase in MNT’s supply on exchanges. The rise in exchange-held tokens suggests that more holders are preparing to sell, reflecting a bearish market sentiment.
Profit-Taking and Market Dynamics
The profit-taking activity is driven by the profitability of recent transactions involving MNT. The seven-day moving average of the daily ratio of on-chain transaction volume in profit to loss indicates that for every MNT transaction resulting in a loss, 1.59 transactions have yielded a profit. This high profitability ratio incentivizes holders to sell their tokens and lock in gains.
Price Prediction and Potential Scenarios
If the current trend of profit-taking continues, it could exert downward pressure on MNT’s price, potentially leading it to drop to around $0.80. If selling pressure persists, the price could fall further to the $0.50 range. Conversely, if accumulation by new buyers picks up, MNT could extend its rally and trade at approximately $0.93.
Beincrypto
解説
- Market Sentiment: The increase in MNT tokens on exchanges indicates a shift in market sentiment towards profit-taking. This behavior is typical in bullish phases where investors look to secure gains, potentially leading to increased selling pressure and price volatility.
- Profitability Ratio: The high ratio of profitable transactions highlights the recent bullish trend in MNT’s price. However, it also underscores the potential for a price correction as more holders decide to sell their tokens.
- Future Price Dynamics: The future price of MNT will depend on the balance between selling pressure from profit-takers and new buying interest. If new demand outpaces selling, MNT could see continued upward momentum. Otherwise, the price may face further declines.
Mantle’s recent price surge has led to increased profit-taking activity among holders, impacting the token’s supply on exchanges. The future price dynamics will be influenced by the interplay between selling pressure and new buying interest, with potential fluctuations between $0.80 and $0.93.