- MANTRA (OM) price rises to $6.24 after the launch of the $108.8 million MANTRA Ecosystem Fund, aimed at driving RWA tokenization growth.
- With strong institutional backing and bullish technical indicators, the token is poised for continued upward momentum.
The price of MANTRA (OM) continues to climb, currently hovering around $6.24 as of Wednesday, after an impressive rally of almost 9% this week. This surge follows the announcement of the launch of the MANTRA Ecosystem Fund (MEF), a new initiative designed to foster growth in the burgeoning field of Real-World Asset (RWA) tokenization. Despite a turbulent crypto market, the outlook for OM remains bullish, supported by strong technical indicators and growing institutional interest.
MANTRA Ecosystem Fund Aims to Revolutionize RWA Tokenization
On Monday, MANTRA Chain unveiled its $108.8 million MEF, setting the stage for further innovation in RWA tokenization. The initiative aims to bridge traditional finance with the decentralized finance (DeFi) sector, by supporting promising global blockchain projects over the next four years. By collaborating with key partners such as Laser Digital, Amber Group, and Brevan Howard Digital, the fund aims to fuel the growth of high-potential startups across the blockchain space.
The announcement sent OM’s price skyrocketing by nearly 10%, signaling investor confidence in MANTRA’s vision. By bolstering the RWA tokenization sector, the MEF is expected to attract new investors to OM tokens, further boosting their value.
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Whales Accumulate OM Tokens, Strengthening Bullish Sentiment
On-chain data supports the bullish outlook for OM. Santiment’s Supply Distribution metric reveals that large investors, or “whales,” have been accumulating OM tokens during recent price dips. In just a few days, the number of OM tokens held by whales has increased significantly, further demonstrating the growing confidence in the token.
The data indicates that whales holding between 100,000 to 1 million OM tokens increased their holdings from 29.34 million to 30.18 million. Similarly, wallets holding 1 million to 10 million and 10 million to 100 million OM tokens also saw substantial growth, signaling that institutional investors are seizing the opportunity to buy OM tokens at a discounted price.
OM Price Forecast: Bulls Eyeing $8.23
The technical outlook for OM suggests that the rally could continue. The token recently found support at its 100-day Exponential Moving Average (EMA) at $5.77, and with the price hovering near $6.24, further upward movement is likely. A successful retest of the March 27 high of $6.86 could signal a 20% increase, with the next major resistance point at $8.23, a level seen in early March.
However, if OM fails to maintain support around its 100-day EMA and falls below this level, the price could drop to $5.44, testing its 61.8% Fibonacci retracement level.
In conclusion, with growing whale interest, strong institutional backing through the MEF, and promising technical indicators, the outlook for MANTRA (OM) remains positive, suggesting that the token may continue to see upward momentum in the weeks ahead.