Foreign media reports that prediction market platform InsightX announced its cumulative network trading volume within the Mantle ecosystem surpassed $500 million within a month, but this progress did not significantly reverse MNT's weak trend. Following the announcement, MNT initially rose by about 5%, before encountering resistance near a short-term resistance level.
Monthly transaction volume exceeded $500 million
InsightX stated that all related trading volume occurred within the Mantle ecosystem, predicting that market settlements could be completed within seconds, with transaction costs approaching zero. For public blockchain ecosystems, this type of data typically signifies increased user activity, improved liquidity, and more information beginning to be priced through on-chain markets.
However, the article argues that the improved ecosystem data did not immediately translate into a higher token price. While MNT rebounded after the news, the overall downward trend remains intact, and the market remains cautious about such positive developments.
$0.401 remains a short-term support level.
Since July, the $0.401 level has been a relatively stable support area for MNT. The recent rebound failed to reclaim the 20-day moving average, meaning this support level continues to be tested rather than further confirmed.
The article mentions that if the $0.401 level is breached, the next significant demand area is around $0.310. This range has attracted buying interest multiple times since the end of 2023, and a price pullback to this level could rekindle medium- to long-term investment, but it would also mean that the current rebound has failed to change the existing trend.
- Current market focus level: $0.401
- Next demand area: $0.310
- The rebound was met with resistance near the 20-day moving average.
The situation can only be considered improved if the price rises back above both moving averages.
The article argues that the upward trend for MNT has not completely disappeared, but it needs clearer price confirmation. Only if the price can hold above $0.401 and break above the 20-day and 50-day moving average range will the short-term structure improve.
In this scenario, the price could potentially find support around $0.686, where a broader market correction is possible. Otherwise, even with strong on-chain activity within the Mantle ecosystem, the token price may continue its weak performance.
Overall, the core judgment of this commentary is that while on-chain transaction volume exceeding $500 million is a positive sign, the market is more concerned about whether prices have truly broken out of the downward trend.
