MTL reaches new ATH, short-term accumulation skyrockets

Mantle ($MNT) reaches a new all-time high as investors show an accumulation pattern amid bullish market conditions.

Mantle’s price has registered a slight decline after reaching a new all-time high of $1.29 at around 05:30 UTC on March 27. $MNT is still up by 28% in the past 24 hours and is trading at $1.18 at the time of writing. The asset’s market cap grew to $3.8 billion, making it the 33rd-largest digital currency.

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$MNT price, RSI, profit to loss ratio, active deposits and active withdrawals – March 27 | Source: Santiment

Moreover, Mantle’s daily trading volume increased by 65%, reaching $410 million. Data shows that the majority of the token’s trading activity comes from the Bybit crypto exchange — roughly $312 million.

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According to data provided by Santiment, the ratio of daily on-chain $MNT transactions in profit to loss has been consistently increasing over the past three days as the asset gained bullish momentum — currently sitting at 1.85.

At this point, a wave of profit-taking movements would most likely be expected even though $MNT doesn’t show any signs of overheating.

Per Santiment, Mantle’s Relative Strength Index (RSI) surged from 43 to 58 over the past 24 hours. The indicator shows a slightly increased price volatility as the cryptocurrency might witness high on-chain activity.

Data from the market intelligence platform shows that the number of active $MNT deposits surged by 32% over the past day and is currently hovering at 70 unique deposits.

However, the number of active Mantle withdrawals rallied by 1,415% in the past 24 hours — rising from 43 to 651 unique withdrawal transactions from all exchanges.

The trend typically shows a short-term accumulation pattern while large whale movements should still be expected.

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