- OM’s price has plunged nearly 90%, leaving 86% of holders at a loss despite token burns and upgrade efforts.
- Technical and on-chain data suggest further downside risk as resistance builds around $0.48.
After a meteoric rise in early 2024, OM—the native token of MANTRA’s real-world asset tokenization project—has experienced a devastating reversal. Once hailed for its explosive growth, the token has now left the majority of its investors grappling with steep losses, with 86% currently holding OM below their break-even price.
OM reached its peak at $8.99 just months ago, placing all its holders in profit at the time. However, the dream turned into a nightmare in mid-April when the token lost nearly 90% of its value overnight. This abrupt crash not only erased most of the gains but also severely dented investor sentiment.
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In an attempt to restore value, the MANTRA team initiated token burns and outlined ambitious technical upgrades. Still, these efforts have done little to stop the bleeding. Demand remains weak, and on-chain indicators like IntoTheBlock’s IOMAP metric reveal a significant resistance level around $0.48. Over 24 million tokens are held by addresses at this price point, suggesting many may sell as soon as they break even—further weighing down any potential recovery.
At the TOKEN2049 event, MANTRA CEO John Patrick Mullin acknowledged the loss of market trust and announced plans to halve the number of internal validators. This move is aimed at improving decentralization and reinforcing the protocol’s credibility.
From a technical standpoint, OM doesn’t look any better. The token has formed a bearish flag on the daily chart—a classic indicator of a continued downtrend. Moreover, the negative reading in the Bull Bear Power (BBP) metric points to sustained selling pressure.
If OM breaks below its current support at $0.37, the next leg down could be severe. While a bullish rebound could push the price toward $2, current indicators suggest the path of least resistance remains down.
Unless demand picks up significantly, OM’s recovery may be far off—leaving investors with little more than hope and red portfolios.
