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A whale wallet address 0xd1c has started accumulating MANTRA (OM) again, pulling big amounts out of the cryptocurrency exchange Binance.
Between the size of the transactions and the fact that it resumes a seven-month hiatus. This activity has piqued interest on its own. It is also a sign of strategic moves in the backdrop of a price surge.
MANTRA (OM) Whale’s Recent Activities
According to information available when writing, the whale has taken out a not very inconsequential total of 2.71 million OM tokens. It is worth around $3.8 million, from Binance in three different transactions. This decision follows a seven-month period of inactivity for the whale. It hadn’t transacted in what has been deemed ‘major’ deals.
A smart trader resumed accumulating $OM after 7 months.
— Spot On Chain (@spotonchain) October 28, 2024
Whale 0xd1c withdrew 2.71M $OM ($3.8M) from Binance via three transactions two hours ago.
The last similar action was seven months ago when it withdrew 12.3M $OM from Binance and staked it all.
He has an unrealized profit… pic.twitter.com/s2ba1brjIU
Since that last notable activity, seven months before, this investor had also withdrawn 12.3 million OM tokens from the same exchange and staked them.
The timing and magnitude of these transactions imply a considered basis for the accumulation of OM, perhaps in preparation for favorable market conditions.
Recent Price Performance and Market Reaction
A surge in the market value of OM has coincided with prominent investors’ recent renewed interest in the token.
The whale’s above activities in terms of buying and selling on MANTRA during the past 24 hours have resulted in a price increase of 9% for MANTRA. It is a broader trend observed in the OM market as investor and speculative interest grow.
The price chart for OM shows the uptrend in a consistent pattern marked by a green candlestick that indicates the taking of buying momentum from the traders.
The recent bull breakout was preceded by a downward channel, which lasted for several weeks. Essentially, it was a consolidation pattern before the bull breakout.
The technical analysis of the same can be seen wherein OM has broken out of the bearish trend. It formed a bullish setup where the retail and various large-scale investors could entice their buying.
Technical Analysis Insights
When we delve a little deeper into the techs behind OM’s recent performance, we see some very interesting trends. The Average Directional Index (ADX), a technical analysis gauge of trend strength, now stands at 43.79. That usually means a very strong trend.
As you can see, this high ADX value matches the large number of price movements occurring. It proves that this trend has very powerful backing as far as market momentum.
Moreover, the exit from the bearish channel and a fresh upward trend indicate OM is at a new phase of price discovery. It is followed by whale activities and a wide market environment.
If the token receives similar levels of investor attention and maintains its trajectory in market cap and trading volume, the bullish sentiment should persist.
The OM token price and trading volume are increasing. Key investors are moving MANTRA in a positive way, making the market outlook for the token look good.
The accumulation of OM by whales before positive ecosystem developments is typically the tactical accumulation of OM by whales after a reasonable amount of relative inactivity.
Market watchers are watching to see whether these developments will bring about sustained price increases and further investments.