After suffering a massive crash in April, MANTRA (OM), a Layer 1 blockchain focused on real-world asset (RWA) tokenization, appears to be making a comeback.
The token has surged 46.27% in the past 24 hours, making it one of the top daily gainers. Moreover, the trading volume has crossed $1.1 billion, highlighting strong trading activity.
From Collapse to Comeback: MANTRA (OM) Rockets Amid Trading Frenzy
In April, BeInCrypto reported on OM’s 90% price crash. The collapse erased over $5.5 billion in market capitalization and triggered allegations of insider dumping. The MANTRA team responded with a planned burn of OM tokens to restore confidence.
However, the move did not fully alleviate investor skepticism, and the downturn continued, pulling OM to lows last seen in early 2024. The asset’s listing on Upbit in May and Bithumb in July triggered brief surges, yet failed to reverse the bearish trend.
However, recent developments suggest a potential turnaround. BeInCrypto data showed that OM has broken out of its 3-month-long decline. Over the past day, the altcoin’s price has appreciated 46.27%, bringing it to trade at $0.34.
The rise was accompanied by an unprecedented $1.11 billion in trading volume. This represented a 3,496% increase from the previous day.
The rally has positioned OM as the second-highest daily gainer on CoinGecko and one of the top trending coins, signaling renewed investor confidence following a tumultuous period. Moreover, it also comes amid a broader bull run, which has seen many coins reaching new highs.
Will OM Price Reach $1?
Amid this price surge, market sentiment is leaning positive. Several analysts believe that OM can continue to rise.
Meanwhile, others believe that the price can reclaim the $1 mark. In a recent X (formerly Twitter) post, a pseudonymous analyst, Token Sherpa, outlined $0.50 as the next psychological level for OM.
The analyst added that if the upward momentum persists beyond $0.50, the next major target becomes $1 or higher, a level that would mark a significant milestone.
Additionally, Ualifi Araújo, another analyst, forecasted that OM could reclaim its all-time high (ATH).
“I’ve said this a thousand times and will say it again a thousand times. I have no doubt that @MANTRA_Chain will surpass its ATH,” he stated.
Araújo also pointed out that the recent surge in OM’s price occurred in the absence of any major external catalyst. This highlights the strength of the project’s organic momentum.
As the rally continues, MANTRA’s ability to sustain these gains and continue rallying will be pivotal in determining whether this rebound marks a lasting recovery or another fleeting surge.
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