OM Price Surges Despite Falling Network Activity
Summary of Key Points
Mantra (OM) has shown strong price performance in recent weeks. However, there are signs of declining network activity. The number of newly created addresses has dropped significantly, indicating lower demand and waning interest. At the same time, market sentiment remains bearish, as many investors are taking short positions.
Decline in Network Activity
Data shows that the number of newly created Mantra addresses has decreased by 99.7% over the past three months. In November, 110,517 new addresses were registered, whereas recently, only 252 were created. This suggests that fewer new users are joining the network, and existing addresses may be becoming inactive.
Additionally, the adoption rate has fallen from 53% to 23%. A declining adoption rate can lead to lower demand for transactions in the long run, which could negatively impact the token’s price.
OM Price Performance
Despite the decline in network activity, OM has gained value in recent weeks. Currently, the price stands at $7.53, reflecting a 5.73% increase within 24 hours. On a monthly basis, the growth amounts to 57.85%.
However, market indicators show that many investors are betting on falling prices. According to Coinalyze, 52.66% of futures positions are short, while only 47.3% are long. This suggests that many traders anticipate a price drop soon.
Impact of Exchange Inflows
Another indication of a potential price correction is the rise in exchange inflows. OM net flows have turned positive again after three negative days, reaching $1.02 million recently. An increase in inflows to trading platforms may indicate that investors are looking to sell their tokens, which could create additional selling pressure.
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Outlook: What’s Next?
Although OM is currently experiencing price gains, the network’s fundamental situation remains weak. If adoption continues to decline, this could lead to a price drop in the long term. A potential support level lies at $7.00. However, if the speculative upward trend continues, OM could test the $8.00 mark in the short term.
Our Assessment
Mantra’s current development presents a mixed picture. While the price has risen recently, fundamental metrics indicate declining demand. In the short term, OM could benefit from speculative buying, but without a growing user base, the risk of a price decline remains. Investors should closely monitor network activity and market sentiment before making a decision.
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