Solana Surges as Mantra Crashes and Bitcoin Wavers
Key Takeaways
- Mantra (OM) experienced a dramatic 90% price drop within 24 hours.
- Bitcoin (BTC) fluctuates between USD 74,000 and USD 85,000 – analysts are divided on future developments.
- The Virtual ecosystem is showing signs of recovery after a sharp decline in network activity.
- SOL/ETH ratio hits new high – Solana significantly outperforms Ethereum.
Mantra (OM): Price Crash Sparks Uncertainty
The OM token of the Mantra platform lost approximately 90% of its value in a single day. Founder Jack Mullin stated that so-called “forced liquidations” on centralized exchanges were responsible for the crash. These are triggered by automated closures of positions when certain margin thresholds are breached.
Some on-chain analyses, including those by Lookonchain, identified wallets linked to early investors such as Laser Digital that sold large amounts of OM. However, Mullin denied accusations of a “rug pull” (sudden exit scam). Mantra’s market capitalization fell from USD 6 billion to under USD 700 million – a major setback for the project in the realm of Real World Assets (RWA).
Bitcoin: Between Recovery and Skepticism
Bitcoin showed volatility: after dropping to USD 74,000, the price briefly recovered to over USD 85,000. Well-known trader Peter Brandt sees a bearish chart pattern (“Rising Wedge”) and predicts a decline to USD 76,000.
In contrast, analysts at Coinbase see positive indicators, such as a bullish RSI divergence (Relative Strength Index) and increased interest from long-term investors. Public figures like Robert Kiyosaki and Jack Dorsey have also reiterated the importance of Bitcoin as a hedge against economic uncertainty.
Virtual: Signs of Recovery
After a more than 90% drop in network activity, the Virtual ecosystem is showing early signs of stabilization. According to data from IntoTheBlock, the number of transactions in April once again exceeded the 100,000 mark. This could indicate a potential comeback for AI-related tokens.
SOL/ETH Ratio: Solana Gains Strong Momentum
The ratio between Solana (SOL) and Ethereum (ETH) reached new record levels. Over the past week, the ratio increased by 20% to 0.08. As a result, SOL has regained the mid-range and could, according to technical analysis, rise toward 0.09.
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During the same period, Solana’s price rose by 21% – from USD 95 to USD 133. Ethereum, by comparison, only gained 1%. Kyle Samani of MultiCoin Capital sees a potential Solana ETF (exchange-traded fund) approval as another bullish catalyst for SOL.
Our Assessment
The events surrounding Mantra once again highlight how vulnerable smaller projects in the crypto space are to market mechanisms and liquidity risks. For investors, it is crucial to understand the liquidation mechanisms of centralized trading platforms.
Bitcoin remains the dominant topic – both technically and politically. Opinions on short-term development vary, but long-term interest remains steady.
Solana is currently convincing with strong performance and growing institutional interest. Those tracking altcoins should continue to monitor the development of the SOL/ETH ratio.
Virtual’s recovery could signal a return of AI tokens – however, it remains to be seen whether the trend will continue.
Sources
- IntoTheBlock
- TradingView
- MultiCoin Capital
- Lookonchain
- Coinbase Research
| Symbol | BTC |
| Coin type | Alt Coin |
| Transaction Speed | Slow |
| Pros |
|
| Cons |
|
| Further practical applications | |
| Price | $83,254.00 |
| 24h % | -2.90 % |
| 7d % | 7.13 % |
| 30d % | -0.33 % |
| 60d % | -14.52 % |
| 1y % | 30.98 % |
| Market Cap | $1,653,059,665,181.00 |
| Max. Supply | 21,000,000.00 |
| Official Links | Website | Whitepaper | Source Code |
| Socials | Reddit | X | Message Board |
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