TL;DR
- Mantle jumped 25% today and reached $1.09, with a 92% gain so far in August, standing out in an otherwise sluggish crypto market.
- Its rise is driven by growing stablecoin adoption, a 165% increase in open interest for derivatives, and a $388 million institutional investment in ETH.
- The price remains within a wide $0.5 to $1.5 range; analysts see potential for $1.23 if a new altcoin rally gains traction.
Mantle is on a bullish streak that has caught many by surprise in a market lacking clear direction. The token surged 25% today, hitting $1.09 after climbing 45% over the past week and posting a 92% gain for the month.
This upward move comes at a time when most altcoins are struggling to gain momentum and Bitcoin hasn’t set a decisive trend either. Even so, Mantle has attracted interest thanks to tangible signs of growth within its network and increased institutional involvement.
What’s Driving Mantle’s Explosive Growth
A key factor behind Mantle’s surge is the rising use of stablecoins across its ecosystem. The total value locked in stablecoins rose by 23% and now exceeds $650 million. That inflow of capital has also affected the derivatives market, with open interest climbing from $20 million to around $50 million since early July—pointing to increased trader activity and deeper liquidity.
Another important development is Mantle’s addition to the Ethereum Strategic Reserve. The project contributed over 101,000 ETH, worth around $388 million, indicating institutional confidence. This move is supported by a steady increase in active addresses, although still well below the peak levels seen during the December 2024 altseason.
Analysts are closely watching how the price consolidates within the broad $0.5 to $1.5 range, where it has held for nearly 18 months. The $0.85 level now acts as a key support. If a new altcoin season materializes, some projections point to a potential move up to $1.20 or $1.23, which would represent about a 40% gain. However, this scenario hinges on a broader market recovery, which still shows no clear signs of strength.
In the meantime, daily candles indicate some selling pressure, and investor sentiment remains cautious. Overall uncertainty continues to limit enthusiasm, even as Mantle stands out for its strong fundamentals in a market dominated by hesitation
