Mantle’s native token, MNT, surged over 8% on March 24 after World Liberty Financial (WLFI)—a decentralized finance (DeFi) project backed by former U.S. President Donald Trump’s family—announced a $3 million investment in the token. The purchase marks a major vote of confidence in the Mantle Network, a Layer 2 solution designed to scale Ethereum more efficiently.
WLFI Buys 3.54M MNT, Doubling Down on Mantle Ecosystem
According to on-chain data from Lookonchain and Arkham Intelligence, WLFI purchased 3.54 million MNT at an average price of $0.84, bringing its total Mantle holdings to 5.99 million MNT, worth around $5.06 million. WLFI’s broader crypto portfolio now exceeds $81.8 million, and includes tokens like ETH, WBTC, TRX, LINK, AAVE, and more.
The announcement of WLFI’s investment helped MNT break out of a short-term downtrend, reversing the bearish pattern it had followed since March 17, when it was trading around $0.838. The token reached a local bottom of $0.775 on March 21 but has since bounced back strongly.
What’s Driving MNT’s Rally?
The investment comes shortly after Mantle’s Mainnet hard fork on March 19, which introduced EigenDA, a decentralized data availability layer. The upgrade allows the network to handle higher transaction throughput and offers better compatibility with Ethereum’s upcoming Pectra upgrade.
In addition, Mantle’s recently launched “Mantle Surge” campaign—a collaboration with crypto exchange Bybit featuring a 1 million MNT prize pool—has further renewed investor interest. Trading volume surged over 66% on March 24, with MNT’s market cap rising above $2.83 billion.
Technical Indicators Point to Further Upside
Analysts are increasingly bullish on MNT’s near-term prospects. One analyst noted that MNT could soon break above the $0.90 resistance, provided it maintains support above $0.80, a key psychological level.
Popular crypto trader Lazy Chart Guy pointed out that MNT recently bounced from a deep 78.6% Fibonacci retracement, suggesting it may have found a short-term bottom. The token also rebounded from a Relative Strength Index (RSI) low of 29, often a sign of oversold conditions.
“Buyers have already stepped in, and we’re up 26% from that fib level,” said Lazy Chart Guy. “RSI is now at the midpoint, so there’s room to move up.”
On the 4-hour USDT chart, MNT has broken out of a descending parallel channel and now trades above the 50-day Exponential Moving Average (EMA). Meanwhile, the MACD shows bullish crossover momentum, and Aroon indicators signal strong upside potential (Aroon Up at 85.71%, Aroon Down at 35.1%).
What’s Next for MNT?
Based on current technical and fundamental signals, MNT’s next immediate target is $0.90. If it breaks past this resistance, it may attempt to retest the $1.27 level, which has acted as a ceiling earlier this year.
That said, short-term caution is warranted, as the RSI currently sits in the overbought zone at 75. This could lead to a mild pullback before MNT continues its upward trend.
At the time of writing, MNT is trading at $0.844.
Final Thoughts
With a high-profile investment, a major network upgrade, and bullish momentum from both retail and institutional players, Mantle’s MNT token appears poised for further gains. However, investors should watch for short-term corrections and maintain close attention to broader market movements.
If current trends hold, MNT could become one of the more prominent Layer 2 tokens to watch in the coming months.
