After having undergone a massive accident in April, Mantra (OM), a layer 1 blockchain focused on the tokenization of real assets (RWA), seems to make a return.
The token jumped 46.27% in the past 24 hours, making it one of the best daily winners. In addition, the volume of negotiation crossed $ 1.1 billion, highlighting a strong commercial activity.
From collapse on the return: mantra (OM) Rockets in the middle of the trading frenzy
In April, Beincryptto reported the price crash of 90% OM. The collapse has erased more than $ 5.5 billion in market capitalization and triggered initiate dumping allegations. The Mantra team responded with a planned burn of OM tokens to restore confidence.
However, this decision did not completely attenuate the skepticism of investors, and the slowdown continued, pulling OM at the bottom of the last time at the beginning of 2024. The registration of the assets on Upbit in May and Bithumb in July triggered brief increases, but failed to reverse the downward trend.
However, recent developments suggest a potential reversal. Beincryptto data has shown that OM broke out of his 3 -month decline. During the last day, the price of Altcoin appreciated 46.27%, which brought it back to $ 0.34.
The increase was accompanied by an unprecedented 1.11 billion commercial volume. This represented an increase of 3,496% compared to the day before.
The rally positioned OM as the second highest daily gain in Coingecko and one of the most trendy parts, signaling renewed confidence of investors after a tumultuous period. In addition, he also arrives in the middle of a larger Bull Run, which has seen many parts reaching new heights.
Will OM Price reach $ 1?
In the middle of this price increase, the feeling of the market is positive. Several analysts think that OM can continue to increase.
Meanwhile, others believe that the price can recover the $ 1 bar. In a recent post X (formerly Twitter), a pseudonym analyst, Token Sherpa, underlined $ 0.50 as the next psychological level for OM.
The analyst added that if the ascending momentum persists beyond $ 0.50, the next main target becomes $ 1 or more, a level that would mark an important step.
In addition, Ualifi Araújo, another analyst, planned that OM could recover his top of all time (ATH).
“I said it a thousand times a thousand times and I will say it again a thousand times again. I have no doubt that @Mantra_chain will exceed his ATH,” he said.
Araújo also stressed that the recent increase in OM’s price has occurred in the absence of any major external catalyst. This highlights the strength of the organic impetus of the project.
While the rally continues, Mantra’s ability to maintain these gains and continue to rally will be essential to determine whether this rebound marks a lasting recovery or another ephemeral push.
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