DeFi Frenzy Propels Mantle Token (MNT) to All-Time High

• Mantle token (MNT) recorded a new all-time high of $0.9493, reflecting a 20% surge.
• If the current trend persists, Mantle is poised to reach the $1 mark soon.

The price of Mantle token (MNT) reached a new all-time high (ATH) of $0.9493 on Monday, February 26th, marking a 20% increase. This surge coincides with the heightened activity observed on Layer-2 DeFi platforms on the Ethereum blockchain network in recent days. Ethereum’s impending Dencun upgrade, promising enhanced network security and scalability, has also prompted optimism within the DeFi space.

At the time of writing, Mantle traded at $0.8843, accompanied by a daily trading volume of $221 million, reflecting a remarkable surge of over 253% within the last 24 hours. MNT has also displayed bullish momentum over the past 7 months, climbing nearly 82%. Over the last month alone, the token surged by 40%, followed by a 13% increase in the past seven days.

Additionally, following its mainnet launch in July last year, Mantle’s Layer-2 network has seen significant expansion, ranking as the seventh largest Layer-2 chain and boasting a total value locked exceeding $211 million, based on CoinGecko data.

The significant performance of MNT may be attributed to the ongoing development of Mantle’s DeFi ecosystem, known as DeFi Paradise. DeFi Paradise comprises a suite of decentralized finance applications integrated into the Mantle network, possibly driving investor confidence and interest.

Will Mantle (MNT) Reach $1?

According to the daily price chart, if the current trend persists, MNT could encounter immediate resistance at $1.2, potentially paving the way for further gains toward $1.5, thereby bolstering momentum for the token.

Mantle (MNT) Price Chart (Source: TradingView)

Conversely, if the trend reverses, MNT could see initial support at $0.82, with the possibility of further declines to $0.76. If the downtrend develops, Mantle may face significant downward pressure, testing support levels around $0.64.

Alongside MNT’s surge, several other top DeFi tokens, including UNI, COMP, COTI, SUSHI, and AAVE, have also experienced notable price rallies and increased trading activity, reflecting the broader bullish sentiment within the DeFi market.