• Manta Network unlocked 21.67 million MANTA tokens worth $40.08 million early on Thursday. 
  • The tokens were allocated to airdrop and public sale and represent over 8% of MANTA’s circulating supply. 
  • MANTA price erased 4% of its value on Thursday. 

Manta Network (MANTA) unlocked over 8% of its circulating supply on Thursday. The unlocked tokens were airdropped and distributed in public sale, according to data from Tokenunlocks. 

MANTA price wiped out 4% of its value on April 18. 

MANTA price reacts negatively to token unlock

Data from Tokenunlocks shows that Manta Network unlocked 21.67 tokens worth $40.08 million on Thursday, April 18. The modular blockchain network has scheduled its next token unlock on April 30. The project will unlock 1.87 MANTA tokens worth $3.70 million. 

MANTA

MANTA token unlock

The decline of Bitcoin price to $61,000 on Thursday, alongside anticipation surrounding the upcoming halving, are two catalysts responsible for the market-wide correction in crypto. MANTA price could experience further losses in response to selling pressure from airdrop recipients cashing in their holdings across exchange platforms. 

MANTA holders need to watch out for a rise in the token’s supply on exchanges, this could signal that there is likely profit-taking by investors. A total of 31% of MANTA’s supply is unlocked as of Thursday, April 18. 

The modular blockchain’s price is $1.767 on Binance, down nearly 4% on Thursday. 

No trend reversal in sight, MANTA price could sweep lows at $1.51

MANTA price has been in a downward trend since its March 12 top of $4.086. MANTA has formed lower highs and lower lows ever since. MANTA is trading at $1.767 at the time of writing and the asset is likely to find support at $1.518 ( April 13 low) in the event it sweeps liquidity at the current level. 

The On Balance Volume (OBV) indicator, used to measure buying and selling pressure on an asset in a cumulative manner, reads 247.18 million on Thursday. OBV is in a downtrend, confirming MANTA’s price trend in the same timeframe from March 12 to April 18. 

MANTA

MANTA/USDT 1-day chart 

If MANTA price sees a trend reversal, it could test resistance at $2.633, a level that acted as steady support throughout March and the first week of April 2024. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Chainlink social dominance hits six-month peak as LINK extends gains

Chainlink social dominance hits six-month peak as LINK extends gains

Chainlink social dominance surged to a six-month peak on Friday as LINK holders increased their activity. LINK traders started taking profits, on-chain data trackers show. LINK price added 6% on Friday, extending its gains from mid-week.

More Chainlink News

Binance helps Taiwan crack a virtual asset money laundering case, BNB sustains above $570

Binance helps Taiwan crack a virtual asset money laundering case, BNB sustains above $570

Binance’s Financial Crimes Compliance (FCC) department joined forces with Taiwan’s Ministry of Justice and helped resolve a case of money laundering worth NT$200 million, or $6.2 million. 

More Binance News

Bitcoin Weekly Forecast: Is BTC out of the woods? Premium

Bitcoin Weekly Forecast: Is BTC out of the woods?

Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.

More Bitcoin News

XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa

XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa

Ripple hovers close to $0.51 on Friday, above the psychologically important $0.50 level, as traders await the court ruling of the lawsuit against the US Securities and Exchange Commission and amid new commitments from the firm to expand its services in Africa. 

More Ripple News

Bitcoin: Is BTC out of the woods? Premium

Bitcoin: Is BTC out of the woods?

Bitcoin (BTC) price action in the past two days has confirmed the resumption of the bull run. However, BTC needs to clear a few key hurdles before investors can go all-in. 

Read full analysis

BTC

ETH

XRP