Mantle Price Prediction: MNT Price Analysis

Key Takeaways

• Mantle is a layer-2 scaling solution that was launched in July 2023.
• The MNT price reached its all-time high on April 8 and has fallen since.
• Our price predictions suggest an upward movement will begin soon.

Mantle was one of the hottest topics in the world of crypto in July 2023, when it was launched. The layer-2 scaling solution launched its mainnet and its MNT token and soon saw success, shooting up the price charts.

Serving as, depending on how one viewed things, either the successor or rebranding of BitDAO’s BIT token, Mantle has a ready-made user base and will be hoping to build on that.

Mantle announced  that its native token, MNT, would trade on South Korean exchange Bithumb from February 13, 2024. The MNT price increase toward its all-time high shortly afterward but has fallen since April. 

On July 22, the MNT price was $0.87.

Mantle did not respond to a request for comment

Let’s now take a look at our price predictions for Mantle, made on July 22, 2024. We will also examine the MNT price history, and talk a little about what MNT is and what it does.

Mantle Price Prediction 

Here are the Mantle price predictions from CCN on July 22, 2024. It is important to remember that price forecasts, especially for something as potentially volatile as crypto, are often wrong.

There are two methods used to create our MNT price predictions. Predictions are created using fractals (mirroring movements and indicator readings) and the wave count.

However, the Mantle crypto price only has data for roughly a year, so only the wave count is used to make a prediction. Then, we add and remove 20% from the final target to come to our minimum and maximum Mantle price predictions.

The most likely wave count suggests that the MNT price completed a five-wave upward movement (white) starting in October 2023 and culminating with the all-time high price of $1.52 in April 2024. Then, MNT completed an A-B-C corrective structure (black). These were likely waves one and two in a longer-term five-wave upward movement (yellow).

If wave three has 1.61 times the magnitude and duration of wave one, which is common, the price will reach a new all-time high of $2.53 in April 2025. Then, the market cycle top will be at $3.45 in November 2025.

Using similar shapes of increase as the current one leads to our Mantle price predictions of $1.17 and $3.10 for the end of 2024 and 2025, respectively.

Then, we use the rate of increase for the past year to make a Mantle price prediction for the end of 2030. In the past 364 days, the MNT price has increased by 60%, a daily rate of increase of 0.16%.

Projecting this increase until the end of 2030 leads to a Mantle price prediction of $3.80. Adding and removing 20% to this target gives our minimum and maximum MNT price predictions.

Mantle Price Prediction for 2024

The wave count price prediction leads to a Mantle target of $1.17 for the end of 2024.

Mantle Price Prediction for 2025

The wave count price prediction leads to a Mantle target of $1.17 for the end of 2025.

Mantle Price Prediction for 2030

Using the daily rate of increase for the past year leads to a Mantle price prediction of $3.80 for the end of 2030.

Mantle Price Analysis

The daily time frame MNT price chart shows a breakout from a descending resistance trend line existing since April. This is a sign that the previous correction has ended and a new upward movement has begun.

The daily RSI and MACD point to a continuing increase. Both indicators are trending upward and have surpassed the bullish levels at 50 and 0, respectively.

If this is the case, the next resistance will be at $1.05. The 0.5 Fibonacci retracement resistance level and a horizontal resistance area create this target.

Short-Term Mantle Price Prediction

The Mantle price prediction for the next 24 hours lies on the assumption that MNT will continue to increase toward the $1.05 resistance area. The short-term wave count aligns with this outlook, indicating that MNT is in the fifth and final wave of its upward movement.

If this is the case, the Mantle price on July 23 will be approaching $0.90, while the price can reach the $1.05 resistance by the end of August 2024.

Mantle Average True Range (ATR): MNT Volatility

The Average True Range (ATR) measures market volatility by averaging the largest of three values: the current high minus the current low, the absolute value of the current high minus the previous close, and the absolute value of the current low minus the previous close over a period, typically 14 days. A rising ATR indicates increasing volatility, while a falling ATR indicates decreasing volatility.

On July 22, 2019, the daily ATR for MNT was 0.044, a sign of low volatility. The ATR has fallen since April. As a proportion of the $0.87 MNT price, the ATR is 0.051.

Mantle Relative Strength Index (RSI): Is MNT Oversold or Undersold?

The Relative Strength Index (RSI) is a momentum indicator traders use to determine whether an asset is overbought or oversold. Movements above 70 and below 30 show over and undervaluation, respectively. Movements above and below the 50 line also indicate if the trend is bullish or bearish.

On July 22, 2024, MNT’s daily RSI was at 63, a sign of a bullish trend. The RSI has increased since July and recently surpassed 50.

Mantle Market Cap to TVL Ratio

The Total Value Locked (TVL) to market cap ratio (TVL ratio) measures the valuation of a decentralized finance (DeFi) project by comparing its market capitalization to the total value of assets locked in its smart contracts. This ratio shows the project’s utilization and links the platform’s health to the value of locked assets.

A ratio above 1.0 indicates overvaluation because the market cap exceeds the value of assets used in the platform. A ratio below 1.0 indicates undervaluation because the market cap is lower than the value of locked assets.

On July 22, 2024, the Mantle TVL ratio was 3.3, indicating overvaluation.

Mantle Price Performance Comparison

Mantle is a Layer-2 solution for Ethereum, so let’s compare it with other similar projects.

Best Days and Months to Buy MNT

We took a look at the Mantle price history and found the times when the price was at its lowest across certain days, months, quarters, and even weeks in the year, indicating the best times to buy MNT.

Advantages and Disadvantages of Mantle

CCN.com’s Senior Research Analyst Toghrul Aliyev took a dive into Mantle and found the following advantages and disadvantages.

Advantages of Mantle

• High Total Value Locked : Mantle ranks in the top five platforms for TVL. Despite a smaller active user base, its users are willing to commit significant amounts of money to the ecosystem.
• Advanced Optimistic Rollup Design: Mantle’s optimistic rollup uses EigenLayer for data availability, allowing nodes to handle small data portions while maintaining the entire dataset. As a result, Mantle achieves lower latency and higher throughput compared to other solutions that build new networks from scratch.
• Permissionless Liquid Staking: Mantle allows users to stake ETH through its platform with permissionless, non-custodial liquid staking. As of July 2024, Mantle holds a 1.5% market share in the staking ecosystem. Although this may seem low, it places Mantle in the top 12 among nearly 100 staking platforms.
• Low Transaction Fees : The average fee on the Mantle blockchain is around 0.02 MNT, which translates to less than $0.02 per transaction. This makes Mantle appealing to developers and users who prioritize cost-effectiveness.
• Improved Scalability and Speed: Although Mantle may not be the fastest blockchain, it significantly improves Ethereum’s scalability with an average block time of 0.498 seconds. Faster block times can reduce transaction costs by decreasing network congestion and improving efficiency as new blocks are added more frequently, allowing more transactions to be processed. 
• Developer-Friendly Environment and EVM Compatibility: EVM compatibility benefits Mantle by leveraging the extensive Ethereum developer ecosystem. Developers can seamlessly use existing tools and libraries, which streamlines the development process. The compatibility ensures the smooth operation of Ethereum assets and tokens on Mantle. As a result, interoperability improves, entry barriers decrease, and adoption accelerates.
• Ethereum-Backed Security: Mantle leverages Ethereum’s security by executing transactions off the main chain and grouping them into batches for settlement on Ethereum’s Mainnet. This ensures that Ethereum’s consensus mechanism secures its transactions.

Disadvantages of Mantle

• Underutilized Throughput: Despite having a theoretical throughput of 500 TPS, Mantle has yet to reach this potential in practical use.  The maximum throughput achieved was 200 TPS in December 2023 . Since then, the average daily TPS  has been about five. Additionally, multiple other Layer 2 solutions have a higher theoretical TPS and have achieved higher practical TPS, which further shows Mantle’s underperformance. Low usage raises concerns about the blockchain’s real-world applicability and effectiveness, suggesting that user adoption remains low rather than Mantle being hindered by its operational challenges, such as network stability or technical limitations.

• Modest User Base : Mantle faces low adoption, with about 55,000 daily active addresses, which is not high compared to other layer 2 solutions. The limited user base results in a daily transaction volume of approximately 500,000 transactions. While the per-user activity of nine transactions per user is on par with other blockchains, the total daily transaction volume is still low due to fewer active wallets.

• Low Developer Activity : Mantle ranks 76th with only 638 repositories, 54th with 26 sub-ecosystems, 153rd with 131 weekly commits, and 92nd with 40 weekly active developers. Lower developer activity can result in more bugs, reduced software quality, fewer features, a smaller ecosystem, and slower development progress. It also means longer response times for issue resolution, less innovation, and a reduced ability to keep up with user demands and competitive advancements.
• Highly Competitive Industry: Mantle operates in a very competitive industry of Layer-2 blockchains. With numerous established platforms like Arbitrum, Optimism, and Base already capturing significant market share, Mantle faces challenges in differentiating itself and gaining traction.

MNT Price History

Let’s now take a look at the Mantle price history . While past performance should never be taken as an indicator of future results, knowing what the token has done can help give us some very useful context when it comes to either making or interpreting a Mantle price prediction. 

2023: Mantle launched at $0.50 in July but declined to its all-time low of $0.32 in October. Then, the price started an upward movement and closed the year at $0.65, 30% above its launch price.

2024: Mantle started the year on a bullish note, increasing rapidly and reaching a new all-time high of $1.44 on April 9. Even though the price has fallen since, it regained its footing in July and trees at $0.87 today, on July 22. This is an over 40% increase since the start of the year.

Mantle Market Cap

The market capitalization, or market cap, is the sum of the total number of MNT in circulation multiplied by its price. On July 22, 2024, MNT’s market cap was $2.849 billion, making it the 35th-largest crypto by that metric.

Who Owns the Most Mantle (MNT) Tokens?

As of July 22, 2024, the five wallets with the most Mantle tokens  were

• 0x78605df79524164911c144801f41e9811b7db73d. This wallet held 2,892,781,566 MNT, or 46.51% of the supply.
• 0x2ebf891f4718eb8367013d8d975a1e5afcae277f. This wallet held 706,717,699 MNT, or 11.36% of the supply.
• 0xec949f12a3acab835f3eed8b54b7361a8fbb3ee0. This wallet held 500,000,000 MNT, or 8.04% of the supply.
• 0x5a076b2d0941f2bc9b49d05d3a1ff9c7acdc5e78. This wallet held 408,932,756 MNT, or 6.58% of the supply.
• 0xe1ab8c08294f8ee707d4efa458eab8bbeeb09215. This wallet held 335,994,166 MNT, or 5.40% of the supply.

Mantle Supply and Distribution

From the Whitepaper

In its technical documentation, or whitepaper , Mantle says that it is a technology stack for scaling Ethereum, and we strive to be EVM-compatible while doing so. Being EVM-compatible means all the contracts and tools that work on Ethereum also work on Mantle Network with minimal modifications. Users can experiment with exciting web3 apps, and developers can deploy smart contracts in an efficient, low-fee environment.

Mantle (MNT) Explained

Although Ethereum (ETH) is the largest blockchain when it comes to giving people somewhere to develop their decentralized applications (dApps), it is not without its problems. Historically speaking, Ethereum was a very slow system, which meant that transactions took longer to process and cost people more money. 

Although Ethereum’s switch from a Proof-of-Work consensus mechanism to a proof-of-stake one helped the system somewhat, there was already a market for protocols that made the blockchain work quicker.

Layer 2 scaling solutions take transactions off blockchains, carry them out elsewhere, and put them back on the blockchain. Mantle , which was launched in 2023 by the BitDAO organisation, is a layer 2 scaling solution, based on Ethereum, and it is supported by the MNT token.

BitDAO’s previous crypto, BIT, was swapped  for MNT on a 1:1 basis. This meant that BIT holders got the same amount of MNT in return for their old tokens.

How Mantle Works

Mantle uses optimistic roll-ups to process transactions. This means that the transactions are carried out away from the system and are assumed to be valid. However, people can still flag up what they consider to be fraudulent transactions. 

This system, at least in theory, helps reduce slowness on the platform. 

Mantle’s MNT cryptocurrency is used to pay for fees on the network. People can also stake it, or set it aside, if they want to operate one of the computers, or nodes, which help the system run. Holders can vote on changes to the platform, and it can also be bought, sold, and traded on exchanges. 

Because Mantle is based on Ethereum, it is a token, not a coin. You might see references to such things as a Mantle coin price prediction, but these are wrong.

Is Mantle a Good Investment?

It is hard to say. A lot will depend on how the market as a whole is able to perform in the coming weeks. Keep in mind that MNT will need to attract people who would not have bothered with BIT while keeping BitDAO investors on board.

As a layer 2 scaling solution, it is also dependent on Ethereum being slow. If Ethereum’s Proof-of-Stake consensus mechanism helps it speed up, then Mantle and its ilk will become effectively redundant. 

As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in MNT.

Will Mantle go up or down?

No one can really tell right now. While the Mantle crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up. 

Should I invest in Mantle?

Before you decide whether or not to invest in Mantle, you will have to do your own research, not only on MNT, but on other, related, coins and tokens such as Arbitrum (ARB). Either way, you will also need to make sure that you never invest more money than you can afford to lose.

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About the Author

Valdrin Tahiri

Valdrin discovered cryptocurrencies while getting his MSc in Financial Markets from the Barcelona School of Economics in 2017. He has been an avid investor and trader since. Valdrin has written for several cryptocurrency media companies such as BeInCrypto and CoinGape.

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