Mantra (OM) Hits New ATH of $3.42, But On-Chain Indicators Hint at a Potential Correction

Mantra (OM) gained 137% in the last seven days and surged 43% over the past 24 hours alone. OM reached an ATH of $3.42 early Sunday and is trading at $3.34

Mantra (OM) price soared 137% last week, hitting a new all-time high. But on-chain indicators suggest a potential correction.

What Happened: Mantra enjoyed impressive gains last week as the broader crypto market saw a slight decline.

The native token of the layer-1 blockchain gained 137% in the last seven days and surged 43% over the past 24 hours alone.

OM reached an ATH of $3.42 early Sunday and was trading at $3.34 at the time of writing.

The token, which now ranks 38th among the leading cryptocurrencies, had a market cap of $2.85 billion.

Mantra's partnership with Google Cloud in late October and increased whale inflows on Nov. 14 contributed to the bullish sentiment around the token.

However, on-chain indicators from IntoTheBlock suggested a potential correction could be on the horizon.

After OM's bull run to a new ATH, its whale accumulation appeared to slow.

The asset's large holder net inflow declined from 2.96 million OM on Nov. 14 to 1.8 million OM on Saturday as it surpassed the $2.50 mark.

The number of OM daily active addresses in profit rose from 27 on Nov. 13 to 297 unique wallets on Saturday, according to ITB data.

Considering that 94% of the Mantra circulating supply is sitting in whale wallets, the start of profit-taking could potentially trigger a selloff.

In addition, over 24% of the Mantra addresses have been holding the asset for less than a month and 43% have accumulated the token less than a year ago, according to ITB.

This puts Mantra in a risky position as short-term traders, especially the 6% retail holders, will likely start taking profits before another major rally.

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