Mantra (OM) reaches new ATH, active wallets surge 98%

Mantra (OM) reached a new all-time high (ATH) earlier today, with data showing a significant increase in the number of active addresses.

OM briefly touched an ATH of $1.32 today around 01:15 UTC. Despite the price correction, the asset is still up 21% in the last 24 hours and is trading at $1.28 at the time of writing.

OM price, RSI, open interest, funding rate and active addresses – July 16 | Source: Santiment

Mantra was the top gainer among the top 100 cryptocurrencies last week, registering a 39% surge in the last seven days.

In addition, OM’s market value surpassed $1 billion, making it the 69th largest digital asset. Mantra’s daily trading volume also increased by 266%, reaching $80 million.

According to data provided by Santiment, the number of Mantra active addresses increased by 98% in the last 24 hours, rising from 157 to 310. This move suggests that some OM holders are making short-term profits while the token remains in bullish territory.

Data from market intelligence platform shows that Mantra total open interest has increased from $36.7 million to $45.3 million in the last day. When an asset witnesses a sudden increase in open interest, high price volatility is usually expected due to increased liquidations.

According to Santiment, the total funding rate raised by OM is running at negative 0.007%, suggesting that short holders are dominating long holders. At this point, investors are expecting a pullback and further price appreciation, potentially leading to a liquidation of at least $1.5 million.

The OM Relative Strength Index (RSI) currently stands at 77, according to data from Santiment. The indicator suggests that Mantra is overbought at this price point.

A drop in RSI below 50 could put OM back into the bullish territory.