The Mantra price has silently outperformed some of the biggest coins in the crypto industry. The OM token recently soared to a record high of $1.418, 5,430% above its lowest level in December 2023.
Altogether, it has jumped by over 4,000% this year, beating popular cryptocurrencies like Bitcoin, Ethereum, Solana, and Cardano, which have risen by less than 100%.
Still, analysts believe that the Mantra token will have more upside in the coming weeks, especially if the crypto bull run continues.
Great staking metrics
The first bull case for the Mantra token is that it has good staking metrics. Data shows that Mantra has a staking market cap of over $1.07 billion, giving it a staking ratio of 50%. This trend means that most of these coins will be held for a long time since stakers rarely move their tokens.
At the same time, staking OM provides one of the best returns in the market with its 21.20% yield. This means that a $10,000 invested in OM, all factors constant, will generate a return of $2,100 each year.
That is a better return than most traditional assets. For example, the JPMorgan Premium Equity (JEPI) has attracted over $36 billion in assets as investors chase its 9% yield. Short-term US government bonds are yielding about 5%.
Since almost all tokens have been unlocked, Mantra staking participants will not be impacted by token unlocks that lead to substantial dilution.
Real World Asset Tokenization (RWA) growth
The other bullish case for Mantra price is the ongoing growth of Real World Asset (RWA) tokenization. Analysts believe that this industry has room for more growth. Overall, assets worth over $10 trillion can be tokenized.
There have been some big moves in the tokenization industry recently. Mantra has partnered with a giant Abu Dhabi company to tokenize its real estate assets. Other big companies like Blackrock, Franklin Templeton, and JPMorgan have also launched their unique tokenized solutions.
Blackrock’s BUIDL token has accumulated over $500 million in assets, while the Franklin OnChain US Government Money Market Fund (FOBXX) has over $402 million. Ondo Finance, on the other hand,has over $500 million in assets. Therefore, MANTRA’s price will benefit as this industry continues evolving in the coming years.
Mantra price has solid technicals
The other bull case for the OM token is that it has some solid technicals that could push its price much higher. On the daily chart, we see that the Mantra price has been in a strong bull run this year.
It has formed higher highs and higher lows during this period. Most recently, in July, the token flipped the key resistance point at $1.10 into support. This was both a psychological level and the highest swing on June 10.
It has now almost retested that support and constantly remained above the 50-day moving average. Therefore, there is a likelihood that the Mantra price will have a bullish breakout in the coming weeks. More upside will be confirmed if the token rises to the key resistance point at $1.4187.
