The cryptocurrency market has been under significant pressure as major altcoins continue to experience sharp downtrends following the November rallies. Ethereum (ETH), for example, has declined from its early December high of $4,000 to $1,878, triggering a broader correction across the altcoin sector.

However, despite the prevailing market downturn, Mantra ($OM ) has emerged as a standout performer. The token has registered an impressive 53% gain over the past 90 days, positioning itself as one of the best-performing assets in the space. This resilience has ensured that the vast majority of its investors remain in profit.

90% of Holders in Profit

According to recent data from CryptoRank, Mantra (OM) ranks second among the top 10 tokens with the highest percentage of profitable holders, with 90% of its investors currently in profit.

The primary driver behind this success has been OM's staggering 11,700% growth since January 2024, a performance that has significantly outpaced most other altcoins struggling under bearish conditions.

Are Further Gains Possible?

A technical analysis of OM’s daily chart suggests that the recent market-wide downturn led to a test of its 50-day Moving Average (50MA) support, as well as its ascending trendline support (highlighted in the green circle). However, the token has demonstrated resilience, rebounding above these levels to trade at $6.38.

Historically, similar 50MA support tests (marked in orange circles) have resulted in strong rebounds, often leading to significant price surges. If this pattern continues, OM could be on track to retest its all-time high (ATH) of $9.11, with the potential for further upside momentum.

However, holding the current support level is critical for sustaining a bullish outlook. A successful rebound could drive additional gains, while a breakdown below this key level could increase selling pressure, potentially leading to a retest of lower support zones.

Conclusion

Despite the broader market challenges, Mantra (OM) continues to outperform most altcoins, backed by strong technical support and historical price action favoring a bullish trajectory. As long as the 50MA support remains intact, OM could see further upward movement, making it a token to closely monitor in the coming weeks.

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