Mantra (OM) Price Hits New Highs as Bitcoin Struggles: Is $10 Next?

OM's price movement lately is turning heads as it hit a new all-time high of $5 amidst a broader downturn in Bitcoin's price.

The price of Mantra (CRYPTO: OM) soared to a new all-time high of $5 on Monday amid a broader downturn in Bitcoin’s price. The coin rose by 27.90% in the past 24 hours, and its trading volume surged by over 170% to indicate heightened activity and strong market interest. At writing, Mantra was trading at $5.87. The surge coincided with key developments surrounding Mantra and broader investor sentiment.

Mantra’s price action showcased a decisive breakout from a long-term consolidation zone at around $3. The breakout, coupled with a substantial increase in volume, marked a sharp uptrend that saw the price rise by nearly 90% from the breakout point.

The $3 level acted as a crucial support zone during the consolidation phase and was likely to serve as a strong floor if the price retraced. The breakout candle was large and decisive, highlighting the bullish sentiment among traders. The next resistance level was anticipated at around $10, as indicated by the chart’s upward projections.

Several key developments were credited by market observers for the pump, including the $1 billion DAMAC tokenization deal and Mantra’s planned $20 billion expansion in the United States. The tokenization initiative positioned Mantra as a leader in the real-world asset (RWA) space, garnering institutional backing.

As the market bleeds, $OM just hit a new ATH +60%

The $1B DAMAC tokenization deal

+ their $20B US expansion plans = MASSIVE for @MANTRA_CHAIN

The only L1 crushing it in RWA tokenization space w/ real institutional backing.

Clear path to $10+ with this momentum. My highest… pic.twitter.com/q9Ngx7v9x3

This narrative was echoed by crypto expert Henry, who described OM’s price breakout as a “clean break” to new highs on X. He also highlighted OM’s relative strength as Bitcoin continued to struggle, further adding to optimism for the coin’s potential to reach the $10 milestone.

Bitcoin’s price has been down recently, but OM keeps climbing higher.

The fact that OM's price can reach new peaks while Bitcoin falls shows that investors believe in its core strengths.

Rising volume and price activity signal sustained interest in the project and its long-term prospects.

This is precisely why I'm bullish on $OM reaching $10.