Whales have sold off significant holdings, sending OM's price down | Credit: Hameem Sarwar
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Key Takeaways
Crypto whales booked profits in large volumes after OM price reached a new all-time high.
The altcoin faces resistance at price levels where addresses purchased over 21 million tokens.
OM is overbought, with some indicators showing the price risks falling below $6.
After reaching an all-time high of $7.95 on Feb. 15, MANTRA (OM), whales decided to sell off some of their holdings. Due to this selling pressure, OM’s price tanked by 10%.
As of this writing, the altcoin’s value is still above $7. However, with significant liquidation from large holders, reaching a new high seems increasingly challenging.
In this analysis, CCN evaluates whether OM’s price will recover or if the bullish momentum has run out.
According to Santiment, this price increase was due to rising demand for the token. On-chain data shows that MANTRA whales played a huge role in helping the price hit a new high.
As of this writing, on-chain analytics reveal that the number of MANTRA addresses holding between 100 million and 1 billion tokens has dropped from 477 million to 272 million.
At the current OM price, this means that whales have sold tokens worth approximately $760 million. This selling pressure appears to have contributed to the cryptocurrency’s recent decline.
Furthermore, if whales sustain this position, OM’s price might find it challenging to rebound to its all-time high.
Resistance Ahead
Besides these whale sell-offs, IntoTheBlock data shows that the percentage of OM holders has dropped to 97%. As a result of this decline, the In/Out of Money Around Price (IOMAP) shows major resistance between $7.40 and $7.52.
At this price range, 285 addresses hold over 21 million OM tokens at a loss. Between $6.19 and $7.28, the volume of tokens out of the money was higher than the profit, suggesting significant resistance.
OM In/Out of Money Around Price | Credit: IntoTheBlock
As a result, if OM’s price attempts to surpass $7.40, it could face strong selling pressure. If this trend persists, OM may struggle to reach the $10 target predicted by some analysts.
OM Overbought, Extended Decline Next
The technical outlook also seems to support a further retracement in OM’s price. According to the daily chart, the Bollinger Bands (BB) has expanded, indicating high volatility around the altcoin.
However, in addition to rising volatile conditions, the upper band of the BB has hit OM’s price at $7.50. This indicates that the cryptocurrency has become overbought, and a pullback could be looming.
This technical setup could drive OM down to the 0.786 Fibonacci retracement level at $6.65 if validated. Should support fail to hold at this point, the value might decline to $5.49.
However, if whales decided to buy OM in large volumes, this correction might not happen. Instead, the altcoin’s next stop could be $8.12.
If accumulation intensifies in this region, the token could jump and possibly hit a double-digit value at $10.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
