MANTA Price Surges 25% in 24 Hours
The native cryptocurrency of the Manta Network, MANTA, has experienced a significant surge in price, rising by 25% in the past 24 hours. The price of MANTA surpassed $3.25 earlier today, following a period of consolidation around $2.6 levels.
The trading volumes for MANTA have also seen a substantial increase, rising by 123% to over $854 million in the last 24 hours. This surge has helped MANTA secure a position among the top 80 cryptocurrencies by market cap.
Reasons Behind the Manta Price Rally
One of the main drivers behind the recent price rally of MANTA is the significant increase in total-value-locked (TVL) during January 2023. Manta Network’s TVL has exceeded $430 million across various blockchains, positioning it among the top 10 decentralized protocols.
MANTA’s success can be attributed to its launch via Binance Launchpad, where it secured the 44th position among cryptocurrencies on the platform. The protocol’s rapid rise is similar to other launchpad-launched tokens like Xai.
Manta stands out by offering users a multi-modular blockchain that supports zero-knowledge (zk) and Ethereum Virtual Machine-compatibility (EVM) technologies through its platforms, Manta Atlantic and Manta Pacific.
Future Price Outlook
Although the price of MANTA reached a high of $3.25 earlier today, it has retraced nearly 10% and is currently trading at $2.93. Some market experts predict a further retracement to around $2.70.
Crypto Tony recommends taking profits on long positions and suggests a possible retest of the breakout zone around $2.70. This cautious stance reflects the current market dynamics and provides strategic insight for traders and investors.
Hot Take: MANTA Sees Impressive Price Surge and TVL Increase
MANTA, the native cryptocurrency of the Manta Network, has experienced a remarkable 25% surge in price within 24 hours, reaching over $3.25. The recent rally can be attributed to the significant increase in total-value-locked (TVL) during January 2023, positioning MANTA among the top 10 decentralized protocols. Additionally, MANTA’s launch via Binance Launchpad and its multi-modular blockchain supporting zk and EVM technologies have contributed to its success. However, market experts predict a potential retracement to $2.70, indicating a cautious approach for traders and investors.
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