Mantle, a layer-2 scaling solution for Ethereum, has seen its native token MNT soar to a new all-time high of $1.49 this week, driven by the launch of its staking program and growing investor interest in layer-2 technologies.

MNT Rewards Station Fuels Token Rally

The excitement began with the announcement of the Mantle Rewards Station, allowing users to lock their MNT tokens in exchange for rewards distributed as mShard tokens. These mShards represent a portion of Ethena Lab’s native token ENA and can be redeemed for ENA during the program’s lock-up period ending April 25th.

Layer-2 Advantage Attracts Investors

Analysts believe the surge reflects investor interest in layer-2 solutions like Mantle due to their potential for scalability and lower transaction fees compared to the congested Ethereum mainnet. Strahinja Savic, from FRNT Financial, highlights the “explosive rallies” seen in layer-2 tokens due to their perceived higher upside compared to established layer-1 assets like Ethereum (ETH).

Upbit Listing and MNT/USD Technical Analysis

Adding further fuel to the fire, South Korean exchange Upbit listed MNT trading pairs with Korean Won (KRW), Bitcoin (BTC), and Tether (USDT).

Looking at the technical indicators:

• Price: MNT is currently trading at $1.21, experiencing a slight pullback after reaching its peak.
• Trading Volume: Trading volume has surged by 74% alongside the price increase, signifying strong market activity.
• Market Capitalization: MNT’s market cap now exceeds $3.9 billion, solidifying its position among leading layer-2 projects.
• Support and Resistance: Analysts are observing key support and resistance levels to predict future price movements. Some suggest a potential climb towards $2 if positive trends continue.
• Moving Average Convergence Divergence (MACD): The MACD currently shows a decline in buying pressure, indicating potential short-term volatility.
• Overall Trend: The recent price action suggests a bullish trend despite the current pullback.

Future Outlook

While the market remains volatile, analysts are cautiously optimistic about MNT’s future. If bulls can maintain support above $1.1675, the token could attempt to retest its resistance at $1.2925 and potentially reach $1.40 in the coming week. Conversely, a bearish trend could see MNT fall back to $1.085 or even its crucial support level of $1.

Mantle’s TVL (Total Value Locked) currently sits at $863 million, ranking it as the 7th largest Ethereum layer-2 solution. Continued user adoption and successful execution of its staking program could propel MNT further in the future.