according to materials from the website - By BH NEWS

Mantle (MNT) demonstrates impressive growth, rising by 16.06% in the last 24 hours and exceeding the mark of $1.30, leading to a weekly increase of over 30%. This rise is notable as it occurred amid a decline in risk appetite, linked to unexpected data on the US Producer Price Index, which caused the price of Bitcoin to drop from $124,000 to $117,000. While major altcoins like Ethereum, Solana, and Cardano faced significant declines, MNT distinguished itself with substantial double-digit growth.

An upward trend began to form on August 14, when Bybit EU announced its first launch pool, including MNT. Users were given the opportunity to invest MNT, XION, and USDC in a rewards pool of 100,000 XION. Notably, this product became Bybit's first staking solution compliant with MiCA, marking a regulated presence in the European market. This strategic move boosted demand for MNT, attracting significant buyer interest.

Enthusiasm persisted until August 16 after new announcements from Mantle and Bybit, introducing two new use cases. First, a structured product called "Double Win" was launched on Bybit Earn, designed to generate profits in conditions of bidirectional volatility for MNT holders. Additionally, a collaboration with the Crypto Content Creator Campus allowed content creators to purchase event tickets and access tools for MNT.

Coinglass data, surpassing the threshold of $1.30, showed that short positions totaling over $5 million were placed in the range of $1.31 to $1.40, making up 93% of short commitments over the last week. At the same time, long positions exceed shorts by $16 million, indicating more optimistic sentiment.

Trading volumes have surged, reflecting increased interest: CoinMarketCap reports a 15.7% rise over 24 hours, peaking at $654 million, the highest figure for the week.

"The increase in trading volume indicates growing interest and confidence in the altcoin," said a market analyst closely monitoring the developments.

If sellers cannot defend their positions and there is a reduction in short positions, prices could soar to $1.40 and above, with relatively weak resistance potentially paving the way to $2. However, if the price falls below $1.30, Mantle risks dropping to $1.20. In the near future, the level of $1.35 will become the first significant benchmark.

$BTC , $XRP , $BNB

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