Mantra retests all-time high amid OM airdrop hype and mainnet launch anticipation

Mantra (OM), a blockchain network focused on real-world asset tokenization, retested its all-time high on October 10, rising 9.2% to $1.46.

The altcoin’s market cap exceeded $1.2 billion; The daily trading volume was around 56 million dollars, mainly concentrated on Binance and XT.COM.

Over the last 30 days, Mantra (OM) has surged 42%, outpacing major RWA tokens such as Ondo (ONDO) and Pendle (PENDLE). At the time of writing, there has been an increase of over 2400% since the beginning of 2024.

OM’s price action was in line with the recovery in futures open interest, which rose to a multi-month high of $40.06 million. The increase in open interest indicates strong investor demand for the asset.

One of the key factors behind OM’s rise is Mantra’s upcoming mainnet launch later this month, which has led to increased community interest in the project. Developers believe the mainnet will solidify Mantra’s position as a key platform for developers in the rapidly growing RWA tokenization space.

Mantra DAO’s recent proposal to update its tokenomics also adds to this momentum. The offering includes adjustments to token allocations, vesting periods for team members and early investors, a fixed inflation rate, and staking rewards. It also includes community-focused incentives like the “GenDrop” airdrop and enhanced staking rewards, all of which have been well-received as the mainnet launch approaches.

The rise in OM’s price comes at a time of broader interest in Real World Assets, which now account for 4% of Total Value Locked in the DeFi sector, up from 1.77% last year, according to data from DeFi Llama.

Additionally, an upcoming airdrop will distribute 50 million OM tokens to ATOM stakers on the Mantra node, Mantra Zone competition participants, and selected NFT holders, further increasing the excitement around the project. See below.

Upcoming Airdrop – $OM 🪂

Get ready for 50M $OM GenDrop—it’s almost here! 🔥

Who is Eligible?
🔹 $ATOM Stackers in Mantra node
🔹 Mantra Zone Participants (Season 2 currently ongoing)
🔹 NFT Holders

This could be a pretty good airdrop! 👀 pic.twitter.com/fHDKXAokKp

— Cosmos Airdrops 🪂 (@Cosmos_Airdrops) October 10, 2024

What’s next for OM?

According to one trader, OM was trading in a bullish channel supported by steady bullish momentum and consistent higher lows. If the momentum continues, the altcoin could move towards the 1.7532 USDT level.

Technical indicators for the altcoin draw a bullish picture. On the daily chart, the 50-day EMA (blue) has crossed above the 100-day EMA (green), which is a typical bullish momentum signal. Additionally, the short-term EMA is also starting to trend upwards, strengthening the potential for further gains.

OM price, 50-days EMA and 200-days EMA | Source: crypto.news

The Relative Strength Index has remained above 70, the overbought level since October 4, while the Average Directional Index, which measures trend strength, has risen to 41, indicating a solid uptrend.

OM RSI and ADX chart | Source: crypto.news

Meanwhile, a strong upside move from BTC could also be beneficial for OM in the short term and help the price move towards new highs. Community sentiment around OM was very positive at the time of writing, with 81% of 1,779 votes on CoinMarketCap expecting the altcoin to rise even further.