Whale Activity Highlights Uncertainty in OM’s Short-term Direction

Over the last four days, 19 fresh wallets have withdrawn $61.52 million worth of Mantra (OM) tokens from Binance, representing about 3.4% of the total supply. These large withdrawals, executed at an average price of $6.82, resulted in an unrealized loss of $14.2 million or -3.39%.

At the time of writing, OM was trading at $6.52, following a decline of 5.31% over the last 24 hours. The whale activity indicates significant interest in OM, yet the unrealized losses suggest uncertainty and risk for holders.

OM Price Action – Key Levels and Predictions

OM’s price action showed signs of consolidation within a symmetrical triangle, anchored around the $6.50 support that has held steady in recent days. Resistance remains at $7.16, preventing significant upward movement. A breakout above this resistance could trigger a rally towards the $8 range, but failure to hold support at $6.50 could push the price lower. These key levels will play a crucial role in determining OM’s next move.

OM’s Address Stats Surge – What Does This Mean?

OM recorded a surge in new addresses, indicating increased market interest. New addresses spiked by 159.49%, while active addresses increased by 58.09%, suggesting more participants are entering the market. However, the lack of a corresponding uptick in active addresses indicates potential gaps in long-term engagement, meaning this surge may be speculative rather than sustained.

Global In/Out of the Money – What’s Happening Behind the Scenes?

OM’s data shows that 59.59% of addresses are profitable, with most holders “in the money.” However, 31.72% are “out of the money,” as many investors face losses. This could create volatility, either prompting exits or waits for price recovery. The short-term price action will likely be influenced by out-of-the-money holders seeking to break even.

Additionally, Open Interest in OM dropped by 6.55%, indicating decreased market participation and a declining trader confidence, particularly as fewer participants bet on OM’s future price action. A sustained drop in Open Interest may suggest a bearish sentiment in the market.

Conclusion

At press time, OM shows signs of growth, with strong whale activity and an increase in new addresses. However, it might first test the support level at $6.10 as it gains momentum before rebounding. If positive metrics persist, a potential recovery could follow as OM pushes higher. The key will be maintaining support and building momentum to break resistance levels in the coming days.