The price of the cryptocurrency Mantle (MNT) has surged to its highest level ever, showing a significant increase over the past 24 hours. This spike in Mantle's price is attributed to a recovery trend observed earlier in the week. In a remarkable rally today, the price of MNT rose by around 40%, surpassing its previous peak of $1.07 to achieve a new high of $1.30.

Given the current market conditions, characterized by a neutral stance, this surge in Mantle's price seems to be unique to the cryptocurrency itself. Large holders of MNT known as whales are believed to have contributed to this upward movement. Addresses holding between 100,000 and 1 million MNT added over 11 million MNT to their holdings in a single day, worth more than $12.7 million. These whales collectively control approximately 24.69 million MNT and have a history of influencing price movements. Moreover, there has been a significant increase in the number of active addresses joining the network, rising by 187% within a day to its highest level since the inception of the cryptocurrency.

If the current upward momentum is sustained, Mantle could continue on an uptrend, possibly reaching higher price points. Conversely, a slowdown in momentum could push Mantle's price back to the previous all-time high of $1.07 for a support test. Failure to hold this level may invalidate the bullish outlook, resulting in a drop to $1.00. The recent surge in Mantle's price, fueled by whale accumulation, has the potential to push the cryptocurrency to new heights if the momentum remains strong.