- Mantle price surges with institutional backing and growing staking demand.
- Technical indicators suggest potential for further gains toward $1.60 resistance.
- Bybit’s staking pool launch fuels fresh buying momentum for MNT.
Mantle has continued its strong upward momentum, gaining 4.47 percent in the past 24 hours to trade at $1.28. According to market updates, the token has advanced nearly 60 percent in a month, supported by institutional inflows and growing staking demand.
One of the key drivers behind the recent rally was the launch of Bybit’s EU MiCA-regulated staking pool on August 14. The growth initiated another round of new purchases, and whale wallets increased spot purchases as well, indicating that there is still confidence in further altcoin growth.
Mantle has once again come to the limelight with a market capitalization of $4.32 billion and a daily trading volume of $437 million. The market structure is skewed on the upside, with traders observing critical technical areas.
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Technical Signals Suggest Further Upside Potential
Mantle recently cleared the 23.6 percent Fibonacci retracement level at $1.23 and is comfortably trading above its 7-day simple moving average at $1.20. The RSI-7 is at the overbought level of 71.9, which points to overbought conditions, but the MACD histogram indicator of positive 0.032 indicates continued bullish pressure.
The altcoin spiked up to $1.33, then relaxed a bit, and $1.40 was a good resistance level. A long-term close above this level may precondition a test of $1.60, the next significant swing high seen in the chart.
On the negative side, an inability to hold above $1.23 may induce profit-taking. Such a situation can result in a retracement to $1.12, which is in line with the 38.2 percent Fibonacci level.
Source: Tradingview
Outlook Supported by Strong Demand
Overall sentiment remains constructive as long as Mantle holds above the $1.23 support zone. Traders are also closely watching participation in Bybit’s staking pool, which remains open until August 29.
A continuation of inflows into staking would add weight to the bullish argument and contribute to a move back to last year’s high of $1.51.
The price action on the Mantle demonstrates strong bullish structure with a strong institutional interest and staking momentum. If support zones hold, the altcoin could advance toward testing higher resistance levels in the near term.
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