The Mantle (MNT) price has been on a significant surge in August, climbing 45% so far amid key developments such as a strategic partnership, strong on-chain metrics, and Ethereum’s own rally to a new all-time high. Currently trading above the $1 threshold at $1.02 with a market cap of $3.42 billion, the MNT token has seen a 5% intraday gain, signaling a bullish momentum in the market. Experts are optimistic about the MNT price forecast, anticipating further gains as the Ethereum price continues to rise.
The recent announcement of a strategic partnership between Mantle and ByBit exchange has been a major catalyst driving the positive price action for MNT. This partnership not only enhances liquidity and visibility for Mantle but also reflects institutional confidence in the ecosystem. The collaboration has contributed to the upward trajectory of the MNT price chart, indicating a promising future for the token.
In addition to the partnership news, on-chain data also paints a positive picture for Mantle. Project adoption is increasing, with the total value locked (TVL) surging to $245 million in the past 10 days. Whale transactions, particularly those over $100K, have spiked, placing Mantle at the top of the large-mover charts. Santiment insights have revealed a significant increase in whale activity for Mantle, with over 10 times more whale transactions than usual.
Furthermore, Nasnsen reported a substantial increase in active addresses and transactions for Mantle, indicating a broader engagement within the network. These on-chain metrics point to a growing interest and trust in the Mantle ecosystem, setting the stage for further price appreciation.
The ongoing rally in Ethereum has also been a contributing factor to the positive price action for Mantle. As ETH continues to climb towards $4,500, maintaining its bullish momentum, tokens built on the Ethereum network, such as MNT, are also benefiting from the upswing. Analysts are closely monitoring key resistance levels for Mantle, with a sell wall at $1.35 posing a challenge. However, if ETH continues to rise, MNT is likely to follow suit, potentially reaching larger targets like $2 in the near term.
Overall, the combination of a strategic partnership with ByBit, strong on-chain metrics, and the supportive ETH price rally has propelled MNT to new heights in August. With bullish momentum continuing to build, the MNT price forecast looks promising for further gains in the coming weeks.