Mantra retests all-time high amid OM airdrop hype and mainnet launch anticipation

Mantra (OM), a blockchain network focused on tokenizing real-world assets, retested its all-time high on October 10, rising 9.2% to $1.46.

The altcoin's market capitalization exceeded $1.2 billion, with daily trading volumes of around $56 million, predominantly concentrated on Binance and XT.COM.

In the last 30 days, Mantra (OM) is up 42%, outperforming key RWA tokens such as Ondo (ONDO) and Pendle (PENDLE). At the time of writing, it had risen more than 2,400% since the beginning of 2024.

OM price action has aligned with a rally in its futures open interest, which has risen to a multi-month high of $40.06 million. The increase in open interest shows strong investor demand for the asset.

One of the key factors behind OM's rally is the upcoming Mantra mainnet launch, scheduled for later this month, which has sparked increased community interest in the project. The developers believe that the mainnet will solidify Mantra's position as a key platform for developers in the rapidly growing RWA tokenization space.

Adding to the momentum is a recent x.com/MANTRA_Chain/status/1841855928523472978″ target=”_blank” rel=”nofollow”>proposal by Mantra DAO to update its tokenomics. The proposal includes adjustments to token allocations, vesting periods for team members and early investors, a fixed inflation rate, and staking rewards. It also features community-driven incentives like the “GenDrop” airdrop and improved staking rewards, all of which have been well received as the mainnet launch approaches.

OM's price rally also comes amid a broader surge in interest in real-world assets, which now account for 4% of the total value locked in the DeFi sector, up from 1.77% last year, according to data of DeFi Call.

Additionally, an upcoming airdrop will distribute 50 million OM tokens to ATOM participants on the Mantra node, participants in the Mantra Zone competition, and select nft holders, further fueling excitement around the project. See below.

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What's next for OM?

x.com/Quang22758929/status/1844642064526397680″ target=”_blank” rel=”nofollow”>According For a trader, OM was trading within an ascending channel supported by steady bullish momentum and consistent higher lows. If the momentum continues, the altcoin could run towards the 1.7532 USDT mark.

The altcoin's technical indicators paint a bullish picture. On the daily chart, the 50-day EMA (blue) has moved above the 100-day EMA (green), a typical sign of bullish momentum. Additionally, the short-term EMA is also starting to point higher, reinforcing the potential for further gains.

The Relative Strength Index has remained above the overbought level of 70 since October 4, while the Average Directional Index, which measures trend strength, has risen to 41, indicating a solid uptrend. .

Meanwhile, a strong btc bullish move could also be beneficial for OM in the short term and could help push the price towards new highs. Community sentiment around OM was very optimistic at the time of writing, with 81% of the 1,779 votes on CoinMarketCap expecting the altcoin to rise further.