Mantra price had a great performance in 2024 as it surged by over 6,800%, making it one of the best-performing cryptocurrencies during the year. OM moved from obscurity and became one of the biggest cryptocurrencies in the industry, with a market cap of over $3.38 billion.
Why Mantra price surged
Mantra is a blockchain network that aims to become a big player in the emerging field of Real World Asset (RWA) tokenization.
The OM token surged for three main reasons. First, the network is in an industry that is expected to revolutionize the financial services industry. It will do this by converting most illiquid assets into liquid assets that can be moved around. Mantra has already inked a deal with a large real estate company in the United Arab Emirates (UAE) to tokenize its real estate assets.
Mantra’s price also jumped after the developers launched MantraChain, a layer-1 network for building tokenization projects. As a dedicated chain for RWA, the network aims to gain market share in the sector.
Further, the OM price jumped because of its strong staking numbers, which are higher than other networks. Data on StakingRewards shows that Mantra has a yield of about 15%, higher than most other networks. While this is a strong yield, it is much lower than where it was a few months ago.
Mantra also introduced other solutions like Mantra Zone, a platform that lets users swap and bridge tokens. It also lets users stake OM across multiple pools, some of which have a yield of over 17%. These numbers mean that a $10,000 staked in these pools will generate a return of about $1,700 a year.
Mantra price has more catalysts that could push it higher in the next few months. For one, the network recently passed a proposal to boost its tokenomics for the network. The proposal was for an adjustment of the OM upgrade and vesting schedule, where all participants who have earned it will be eligible.
Mantra will also have a 10% unlock claimable from March next year, followed by a 6-month cliff through September 2025. It also introduced new features to burn more OM tokens, boosting the value of the remaining tokens.
Read more: Here’s Why the Mantra (OM) Token Price is Rising
OM price analysis
The daily chart shows that the Mantra price has been in a consolidation phase in the past few weeks. This consolidation has helped it to achieve the mean reversal as the token has moved near the 50-day moving average.
The OM price has formed a bullish pennant chart pattern, a popular continuation sign. The triangle part of the pennant is nearing its confluence level. Therefore, the coin will likely have a strong bullish breakout in 2025. The initial target level will be at $4.6250, its all-time high, which is about 30% above the current level. More gains above this level will point to an upside, potentially $10.
