The post Mantra at $0.32 as whale exits intensify: Is OM at a turning point? appeared on BitcoinEthereumNews.com.

OM plunged 95% as whale exits intensified and resistance formed above current levels. Despite address growth, derivatives data shows indecision and failed recovery attempts. Mantra [OM] has plunged below $0.32 after a catastrophic 95% drawdown from its March peak above $6, triggered by a structural breakdown and intense market capitulation.  This steep collapse followed a breakdown from a descending price channel, triggering a massive capitulation candle.  Since then, OM has consolidated in a low-volume danger zone. The RSI now reads 25, underscoring oversold conditions. Price action remains weak, with no bullish follow-through.  Despite this, user activity has climbed, hinting at persistent retail interest. However, structural breakdown, investor losses, and whale exits continue to weigh heavily on OM’s outlook—raising doubts over whether sentiment alone can power a rebound. Source: TradingView Are whales still dumping OM despite brief inflow attempts? Large holder activity shows continued bearish pressure. Whale netflows have dropped by 129% over the last 30 days and over 4000% in the past 90 days, confirming long-term distribution.  While a 7-day net inflow spike of 234% recently occurred, this may reflect opportunistic accumulation rather than conviction buying.  Whales have largely avoided sustained accumulation, implying distrust in OM’s immediate recovery.  Historically, such outflows coincide with sharp trend breaks and prolonged price weakness. Consequently, without strong and sustained inflows, OM remains at risk of further whale-driven downside pressure. Source: IntoTheBlock How much overhead resistance do trapped holders create? On-chain data shows 93.77% of OM holders are currently out of the money. Only 6.23% of addresses are profitable, with most investors trapped between $0.32 and $5.  This creates immense overhead resistance, as any bullish bounce may face sell pressure from loss-averse holders.  The largest clusters of underwater supply reside just above the current price, making breakout attempts extremely difficult.  As a result, bullish momentum…

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Filed under: News - @ June 1, 2025 3:21 am