Mantle (MNT), an Ethereum scaling solution, has seen its token price jump nearly 24% over the last 24 hours, benefiting from the spotlight on Layer 2 protocols as Ethereum itself surges.
Key Takeaways
- MNT gained 23.59% in 24 hours, hitting an intraday high of $0.8143.
- Daily trading volume topped $498 million.
- Bullish Ethereum momentum is boosting Layer 2 interest and driving gains.
- After breaching resistance at $0.60, analysts see potential to test the upper bound near $0.90.
The Mantle protocol token was trading within a relatively narrow $0.54 to $0.60 range for multiple days before bulls reasserted control. The breakout comes as Ethereum surges higher in 2024, shining further attention on complementary Layer 2 solutions like Mantle.
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With Ethereum transaction fees recently spiking to multi-month highs, MNT and other L2s are attracting interest as scalability solutions. The ability for protocols like Mantle to boost throughput and reduce congestion reinforces the value proposition as usage grows.
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Show more +Technically, with MNT rallying over 15% to overcome the recent tight trading range, analysts highlighted further upside potential. The Relative Strength Index (RSI) shows large buying momentum, while key moving averages are rising, signaling additional near-term strength.
If current support around $0.80 holds, analysts anticipate MNT testing resistance around $0.85 next, with scope to reach toward the $0.90 level in the days ahead if bullish momentum persists.
In all, Mantle’s innovation to improve Ethereum scalability and its interoperability goals will continue to gain traction in 2024, along with Ethreum’s growth.
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