Mantra Price Prediction: OM Skyrockets On 50 Million Token Airdrop

The Mantra price prediction looks bullish, as the token surged 36% in the past week, including a 2.4 increase in the last 24 hours to trade at $1.30. The price rise comes as Season 2 of the Mantra GenDrop begins. OM’s daily trading volume spiked by 3.7% to reach $106 million, signaling a recent uptick in market activity.

Mantra Price Prediction Hints 38% Extended Gains

OM is one of the best-performing crypto assets in 2024, having risen over 7,400% since its all-time low in October 2023, per CoinGecko. The OM price action is trending above the 21-day, 50-day, and 200-day simple moving averages (SMA), confirming the bullish uptrend.

The OM price was in an extended consolidation zone for the last 115 days before it broke out on July 14. The asset hit an all-time high price of $1.41 on Tuesday, July 16, before slightly retracing. Mantra price prediction shows the asset may extend gains by 38% to hit $1.80 but after a retest to the top of the range around $1.05.

Nevertheless, if the market conditions turn bearish, the price of OM may find support around the top of the range or inside near the 50-day ($0.88) and 200-day ($0.6) SMAs.

Technical Indicators Show Potential Correction Before New ATH

The Chaikin money flow is at 0.26, indicating the asset is in an uptrend as the buying pressure increases. This oscillating indicator has exceeded 0.15 only twice since OM launched in March 2021, making the current rally exceptional.

The relative strength index (RSI) is at 78.84, indicating OM is overbought and a reversal is due soon. The overbought zone is also associated with high bullish momentum; hence, OM price may experience high volatility as long as the RSI is in this zone. 

The moving average convergence divergence (MACD) is still bullish, although it is at a zone of resistance, which may soon result in a bearish reversal. 

GenDrop Season 2 Begins, 50 Million OM Up for Grabs

As season 1 of Mantra’s GenDrop winds down in the next 48 hours, the Layer One (L1) RWA chain has already announced the start of Season 2.

The GenDrop will distribute 50 million OM ($63.8 million) to participants as rewards. 

This comes just two weeks after Mantra DAO announced a partnership with Dubai real estate developer MAG Group to tokenize $500 million worth of real estate assets. 

Data from Etherscan shows that the number of OM holders increased by 0.033% in the last 24 hours to 11,985.

Bottom Line

Mantra’s OM token price surged to a new all-time high as the announcement of a 50 million tokens airdrop sparked widespread FOMO (Fear of Missing Out). The Mantra price prediction suggests that this substantial distribution is driving increased interest and demand for OM and may lead to 38% short-term extended gains for Mantra price.