Mantle (MNT) soared to new heights and set a new all-time high following its partnership with a crypto exchange. On September 10, Bybit, one of the largest crypto exchanges, announced its collaboration with Mantle (MNT), an Ethereum Layer-2 scaling solution designed for high performance, lower gas fees, and a seamless user experience. With the announcement, Mantle crushed the psychological resistance level at $1.5 and set a new all-time high of $1.67.
In Bybit’s press release, it was mentioned, “As the core of Mantle’s network utility, MNT now unlocks exclusive benefits for institutional clients on Bybit. From enhanced leverage to longer loan terms, this program gives institutions new ways to trade, borrow, and hold MNT with greater efficiency.”
Higher leverage and longer fixed interest rates were among the many benefits that institutions that use MNT across Bybit products were guaranteed. As such, institutions will get up to 8x leverage in spot margin, 5x the leverage on USDT perpetual pairs, and 10x on USDT and USDC loans. Furthermore, “By pledging more MNT, institutions can secure longer fixed-term loan rates of up to four months.”
On the daily chart, MNT is trading inside a Wycoff pattern. The Wyckoff pattern (or Wyckoff method) is a classic trading framework that explains how smart money (institutions, whales) accumulate and distribute assets in cycles to profit from market psychology. At present, MNT is at the ‘Last Point of Supply,’ a stage in a distribution phase where large players (smart money) make their final major sales of an asset before a bigger markdown (downtrend) begins.
At this point, demand is drying up, but there’s still just enough buying interest from latecomers (retail traders) for institutions to unload the rest of their holdings at favorable prices. Since MNT has already appreciated above this point, the whales may dump the supply, and retailers who think the trend is on may get caught in this. However, the Relative Strength Index flashes red, signaling overbought conditions. And this should be considered as a warning signal, as the MNT prices could crash to $1.5.
