MANTA, the indigenous digital currency of the Manta Network, has experienced a remarkable 25% surge in the past 24 hours, propelling the MANTA price to surpass $3.25 earlier today. This notable price increase follows nearly a week of consolidation around the $2.6 levels.
Also, the trading volumes for Manta in the last 24 hours have jumped by 123% shooting past $854 million. The recent rally has also helped the altcoin grab a spot among the top 80 cryptocurrencies by market cap.
What’s Behind the Manta Price Rally?
One of the major reasons behind the Manta price rally is a strong surge in terms of the total-value-locked (TVL) during January 2023.
Manta Network’s Total Value Locked (TVL) exceeds $430 million across various blockchains, according to DefiLlama. This achievement positions Manta among the top 10 decentralized protocols, closely trailing industry heavyweights like Coinbase’s layer-2 network Base, Avalanche L1, and Polygon, an Ethereum scaling solution.
Manta’s initial success comes shortly after the launch of its token via the Binance Launchpad, securing the 44th position among cryptocurrencies on the platform. The protocol’s rapid ascent mirrors the trend observed with other launchpad-launched tokens, such as Xai, which experienced upward price movements in the days following their rollout.
Powered by Celestia’s modular data availability solution and leveraging Polygon’s developer stack, Manta distinguishes itself by offering users a multi-modular blockchain supporting two prominent crypto technologies: zero-knowledge (zk) and Ethereum Virtual Machine-compatibility (EVM).
Manta achieves this dual functionality through its two platforms, namely Manta Atlantic and Manta Pacific. Positioned as a Polkadot-based zk L1 network and a layer-2 blockchain with EVM support, these platforms have contributed to Manta’s success, attracting attention and establishing it as a formidable player in the decentralized protocol landscape.
The Future Price Outlook
The Manta price has retraced nearly 10% after hitting a high of $3.25 earlier today. At press time, Manta is trading 8.63% up at $2.93. Some of the market experts believe that the Manta price can see a further retracement to $2.70.
In a recent analysis, Crypto Tony recommended taking profits on a long position. According to his assessment, there is a possibility of a retest of the breakout zone, which is situated around the $2.70 mark.
$MANTA / $USD – Update
Shed some profit on my long here. Could see a retest of the breakout zone around $2.70 pic.twitter.com/Fw6ulBw6C3
— Crypto Tony (@CryptoTony__) January 25, 2024
Tony’s advice reflects a cautious stance amid the current market dynamics, suggesting that market participants consider capitalizing on gains from long positions. The anticipated retest of the breakout zone at $2.70 adds a layer of strategic insight for traders and investors navigating the cryptocurrency landscape.
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