Whale Alert: How a $2.17M OM Sell-Off Could Rock Mantra’s Price Action

Mantra's OM token faces a stress test as whales dump $2.17M worth of holdings. Here's what it means for traders.

Market tremors ahead?

A single wallet just liquidated enough OM to fund a small yacht party—because nothing says 'confidence' like cashing out during a bull run. The move puts immediate pressure on Mantra's liquidity pools.

Technical fallout

Order books are thinning faster than a crypto influencer's patience during a bear market. Key support levels now hinge on whether retail traders panic or see this as a discount opportunity.

Long-term implications

Blockchain analytics show the selling wallet had been accumulating since Q1—typical 'buy the rumor, sell the news' behavior. Meanwhile, protocol fundamentals remain unchanged (but since when did that stop crypto traders?).

Closing thought: In crypto, whales don't just move markets—they create tsunamis. The only question is who's wearing floaties when the waves hit.

Can OM rebound when 95% of holders are underwater?

According to on-chain data, 95.46% of OM addresses were out of the money, with only 4.47% holding profitable positions, at press time. 

This heavily skewed ratio paints a picture of widespread unrealized losses. Therefore, any upward move may face significant resistance as trapped holders look to break even.

Historically, such conditions lead to distribution phases where minor rallies are sold into. Unless sentiment reverses strongly or fresh catalysts emerge, OM’s recovery potential could remain muted for now.

Source: IntoTheBlock

Will bulls regain control as RSI stays deep in oversold territory?

At the time of writing, OM’s Relative Strength Index stood at 20.48, DEEP in the oversold zone, while the MACD showed a weak bullish crossover attempt that lacks strong follow-through. 

These indicators signal prolonged bearish momentum. Moreover, the RSI struggled to reclaim the 30 level, suggesting continued market weakness.

Although oversold readings often hint at possible bounces, the lack of buying conviction on the MACD diminishes confidence. For now, momentum indicators favor caution over optimism.

Source: TradingView

Are takers still selling into weakness?

The 90-day Futures Taker CVD showed sustained sell-side dominance, reflecting aggressive market sell orders outpacing buys. 

This trend reinforces bearish sentiment and aligns with the recent whale outflow. Therefore, even speculative buyers remain hesitant, possibly awaiting stronger price confirmation. 

Without a shift in taker behavior, continued downside appears likely. Additionally, sell dominance in derivatives markets can suppress spot price recovery due to increased short exposure.

Source: CryptoQuant

Why are new users rising while activity drops?

Despite a 15.79% increase in new wallet addresses over the past week, daily active addresses fell by 4.89%. 

This divergence points to speculative interest rather than genuine engagement. While user acquisition metrics appear healthy, actual on-chain interaction remains low.

Therefore, market growth may be superficial at this stage. 

Without increased activity from newly onboarded users, OM risks stagnating as short-term interest fades. Sustained adoption requires more than just fresh wallets—it demands ongoing utility and interaction.

Source: IntoTheBlock

Will OM bounce back or deepen its slide?

While the deeply oversold RSI and rising new wallet growth offer glimmers of hope, bearish dominance across taker volume, heavy unrealized losses among holders, and recent whale capitulation point to sustained downside risk. 

OM may require a strong narrative shift or market-wide rebound to regain traction.

Until then, recovery appears limited, and traders may continue facing significant resistance at every bounce attempt in the NEAR term.