$OM
🚨 OM Price Drop Triggers Panic: Whale Sells at a $25M Loss 🚨
The Mantra (OM) price has taken a hit, dropping below $0.50 after a whale dumped 2 million OM on Binance, resulting in a massive $25 million loss. This wasn’t a one-off exit; just weeks earlier, the same wallet pulled out 4 million OM, signalling clear signs of panic selling.
Currently, the coin is trading at $0.4152, and technical indicators aren’t offering much hope. With the RSI sitting at a low 17 and the MACD just starting to show a hint of positivity, OM remains firmly in bearish territory.
On-chain metrics aren’t any better. Only -2.13% of OM holders are in profit, with Net Network Growth at a mere 0.69%. Whale activity has dropped by over 11%, and the MVRV Z-score is at -2.36, usually a sign of a market bottom.
However, without new demand, this doesn’t offer much relief. With a high NVT ratio of 26.37 and a weak S2F ratio of 0.834, confidence is waning. Until the fundamentals improve, the Mantra price drop may keep dragging the market sentiment down.