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Mantle (MNT) Hits New All-Time High Amid Strong Rally
Mantle (MNT) continues its impressive rally, setting a new all-time high of $2.86 on Oct. 9 (Asia time), before slightly cooling to $2.71 at press time. The token remains up 41.8% in the last 7 days and an impressive 127% over the past month, fueled by surging demand and major project developments.
Volume, Market Cap, and Futures Interest Surge
According to data from crypto.news, Mantle’s daily trading volume soared from $263 million on Sep. 9 to a peak of $717 million, while its market cap grew from $3.8 billion to $8.8 billion. Open interest in MNT futures also hit a record $506.97 million, up from just $246 million earlier this month, CoinGlass data shows.
Mantle’s weighted funding rate has remained positive for eight consecutive days, and a long/short ratio of 1.07 further indicates a market leaning bullish.
Smart Money Selling Sparks Caution
However, on-chain analytics from Nansen reveal a sharp decline in MNT holdings by smart money wallets—from 35.31 million tokens on Sep. 10 to 17.06 million by Oct. 9. Analysts suggest these wallets may be taking profits and rotating into other assets.
“Smart money exit is often viewed as a cautionary signal by retail traders,” crypto.news noted, pointing to possible shifts in market sentiment.
So far, strong retail demand has absorbed the selling pressure, with no immediate signs of fatigue. MNT gained nearly 20% in the last 24 hours, with volume rising over 56% in the same period.
Technical Outlook Remains Bullish
MNT has broken out from a multi-month double bottom pattern at $1.42 and cleared a rising parallel channel, confirming strong technical momentum. Still, the RSI sits at 84, signaling overbought conditions that could lead to a short-term correction.
