Mantra price went parabolic during the weekend, making it one of the best-performing cryptocurrencies in the industry. The OM token soared to a record high of $4.5, substantially higher than last year’s low of $0.0061. This rally means that the OM token has soared by over 23,000% in this period.
Mantra price surges as amid developers tease
The OM token’s rally happened as the developers teased of a major news event coming up this week. In an X post, they noted that they will unveil something big in the coming days.
While no more details were shared, there are chances that the news will be about a major collaboration with a major company.
Notably, the developers noted that Mantra’s CEO will be speaking at the Future of Digital Assets event in New York City on Monday.
This event, which is hosted by Benzinga, brings together some of the top leaders in finance and the blockchain industries. As such, there is a likelihood that the upcoming news event will come during or after the event.
The Mantra price also jumped after the CEO noted that the world was just recognizing the impact of what they are building.
Guys I honestly don’t have words for how insane and how crazy this is. The market is finally taking notice of what we’re building and our potential. But I say with the utmost seriousness, and reverence, we have just started on our journey to bring RWA to the world.
I’m so…
Real World Asset tokenization opportunity
The Mantra price has done well after the developers launched the mainnet last month. Mantra’s mainnet is a layer-1 network intended for the Real World Asset (RWA) tokenization industry.
RWA is one of the fastest-growing industries in the blockchain industry as evidenced by the success of Ondo and Securitize. Ondo Finance has attracted over $650 million in assets for its USDY and OUSG tokenized funds.
Similarly, Securitize, which has a partnership with Blackrock, has gained over $600 million in assets for its BUIDL assets.
Analysts believe that the tokenization industry is just getting started. Over time, this industry will be able to tokenize all assets like art and real estate, making them highly transferable.
Some of the top players in the Mantra ecosystem are Estate Protocol, Pyse, and Mansa Finance. Estate Protocol is a network that bridges the gap between the real estate industry and blockchain.
Pyse, on the other hand, tokenizes green real-world assets like renewable energy and electric mobility. Mansa Finance provides liquidity to companies doing business in the emerging market. It is a fairly new company that has financed projects worth $2.38 million.
Mantra is a high-yielding asset
Meanwhile, the Mantra price has surged because it is one of the highest-yielding asset in the crypto industry. Data shows that Mantra has a staking yield of almost 30%, much higher than other assets like Ethereum and Solana. Its staking market cap has jumped to over $1.95 billion in the past few months.
Mantra staking is a process where investors allocate their tokens to secure a network. Most of its tokens are in Mantra’s independent validators. The other top validators in the network are Twinstake, Google Cloud, Anchorage Digital, and Hex Technologies.
Staking is a process where investors move their tokens to validators and earn rewards. In Mantra’s case, a $10,000 investment will bring in at least $2,900 in annual returns if all factors remain constant.
Notably for OM, it has a circulating supply of over 855 million, a few points below the total supply of 888 million, meaning that dilution is not a big issue.
Mantra price forecast
The daily chart shows that the OM token price has staged a strong comeback in the past few days. This rally accelerated when the token flipped the important resistance level at $1.61 into a support. That was an important level since it was its highest point in October.
The coin has remained above the 50-day and 100-day moving averages. Precisely, it has risen 162% above the 50-day moving average.
The Relative Strength Index (RSI) has jumped to the extremely overbought level of 91. Similarly, the Stochastic Oscillator has moved to 95. Most notably, the MVRV indicator has moved to the stretched level of 3.2.
The Market Value to Realized Value is a popular indicator that first looks at the market value (current price x circulating supply) and realized value, which looks at the total value based on the price when they were last moved.
Therefore, while the outlook for the Mantra price is bullish, there is a likelihood that it will pull back and retest the support at $2. If this happens, it means that the coin will drop by 63% as traders start to take profits. That will be a bullish sign for the coin since a break and retest pattern will point to more gains.
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