• Whales continue dumping OM, signaling deep distrust in Mantra’s recovery.

  • Over 93% of holders sit on losses, creating heavy sell pressure.

  • User activity rises, but retail alone may not reverse the downtrend.

Mantra — OM, recently plummeted off a cliff. From over $6 in March to under $0.32 now, the drop has been brutal. A 95% drawdown shattered confidence and wiped out months of gains. Structural cracks deepened the pain, and a wave of capitulation followed. What remains is a market littered with loss, confusion, and uncertainty. Yet, retail activity rises like smoke from the rubble. Could that signal life, or just lingering heat?

https://twitter.com/johnmorganFL/status/1929011242573697292 Whales Pull the Plug While Retail Holds On

Large holders haven’t just backed off—they’ve retreated with force. Netflows dropped 129% in the last month and over 4000% in 90 days. The exits look more like a stampede than a strategic shift. One inflow spike of 234% emerged, but conviction seemed absent. That burst felt more like a trader's gamble than faith in a turnaround. OM lacks sustained accumulation. Without that, there's no real fuel for recovery. Historical trends back this concern. When whales leave, prices bleed.

Strong inflows often precede rallies. Meanwhile, 93.77% of OM holders sit underwater. Their wallets echo with unrealized losses. Resistance hangs heavy between $0.32 and $5. Any bounce risks triggering sell pressure. Hope meets hesitation here. Most investors feel trapped, and many will likely exit on any short-term spike. That puts even more pressure on already fragile momentum. Breakouts face a wall. The $0.40 zone stands tall, crowded by wounded traders.

Volume Shrinks, but Wallets Multiply

Despite the crash, OM's address activity keeps rising. New wallets jumped 21.84% in one week. Active and zero-balance wallets also surged over 11%. This retail interest suggests a belief in value near bottom zones. But belief without muscle rarely moves mountains. Retail often arrives late and exits first. Without whale or institutional support, this enthusiasm risks fading. Still, address growth hints at persistent hope. Mantra might have lost momentum, but attention hasn’t vanished.

RSI at 25 paints a picture of exhaustion. OM looks oversold but far from revival. Weak volume adds to the gloom. Without follow-through, price action remains limp. No clear trend means no confidence. Traders brace for volatility, not victory. Derivatives tell their own tale. Liquidations wiped out longs and shorts alike. Around $0.30 to $0.35, chaos ruled. Bulls and bears clash, yet neither wins.

Confusion reigns, and the price reflects that war. While retail users flock in, big money steps out. Sentiment rises, but structure sinks. Without stronger inflows and reduced supply overhead, OM drifts in danger. A rebound demands more than emotion. Mantra needs a narrative shift and strong hands behind the scenes. Until then, $0.32 could be the beginning of deeper correction.