The Mantle token recently achieved significant growth, showing a balance increase and interest from institutional investors. This has led to a price of $1.28, gaining 4.47 percent in the last 24 hours.
Price Dynamics and Institutional Inflows
The Mantle token continues to demonstrate strong growth, increasing by almost 60 percent over the past month. This increase is supported by institutional inflows and growing staking demand. The launch of the EU MiCA-regulated staking pool on Bybit on August 14 proved to be a key factor driving purchases and increased activity amongst large investors.
Technical Indicators and Expectations
Recently, Mantle cleared the 23.6% Fibonacci retracement level at $1.23 and is trading above its 7-day simple moving average at $1.20. The RSI-7 indicates overbought conditions at 71.9, which may suggest a potential correction, while the MACD indicates continued bullish pressure. If the price can hold above the $1.23 level, it may lead to testing the next significant resistance at $1.60.
Growth Prospects for Mantle Token
Overall market sentiment remains constructive as long as the price of Mantle is above the support zone at $1.23. Participation in Bybit’s staking pool remains active until August 29, and a continued inflow of funds into staking could encourage further growth in the token's value. If support price levels hold, the token could again reach last year’s highs at $1.51.
The Mantle token stands out amid growing institutional interest and active staking demand. Support at key price levels could lead to testing new resistances in the near term.
