In a significant development, the price of Mantle token (MNT) has surged by 20% to hit a new all-time high (ATH) of $0.95 on Monday, February 26.
MNT is the native token of the Mantle Network, a layer-2 (L2) scaling solution built on top of Ethereum. Mantle collects users’ transactions and commits them to Ethereum as a “compressed block.” This compression saves users higher gas and “increases the total possible throughput for transactions.”
While the reasons behind MNT’s impressive performance are unclear, it could likely be due to the continued development of Mantle’s decentralized finance (DeFi) ecosystem, known as DeFi Paradise. DeFi Paradise is a suite of DeFi applications built on the Mantle network.
Meanwhile, before hitting the new high, MNT has built bullish momentum over the past month. Since last month, MNT has increased by nearly 40%. The token has also surged by 42% over the past two weeks and 15% in the past seven days.
MNT to $1?
With the latest high, analysts are even predicting a more bullish outlook for MNT with a potential price target of $1 next. These predictions are based on several factors, including MNT’s past performance, technical analysis, and potential market dynamics.
To hit a $1 price target, MNT will need to increase by 5.26% or $0.05 from its current high of $0.95.
MNT traded at $0.9362 at press time, representing a 19.04% increase in the past 24 hours. MNT market capitalization has risen by 18.22% to hit $2.9 billion, while its trading volume surged by 168% to $166.8 million simultaneously.
L2 Sector Soars
Meanwhile, the surge in MNT’s price comes as the L2 sector as a whole has also been rising.
According to data from CoinGecko, the L2 market capitalization is currently up 4.4% to $26.6 billion. Other notable gainers in the sector include Immutable X (IMX), up around 7.5%, and Optimism (OP), up more than 4%.
