Explore the results of post-30 million sales

The price of Mantle (MNT) continues to impress investors with its surges and rallies, allowing the altcoin to hit a new all-time high.

The question now is whether MNT holders can continue this rally or move to sell tokens.

Mantle investors move quickly

Mantle prices hit a high of $1.31 this week before correcting to trade at $1.22 at the time of writing. The altcoin still supports the 50-day exponential moving average (EMA).

But, as with every rally, selling came along, impacting Mantle's price. According to the offer held by non-volatile whale addresses, about 30 million MNT were sold. This $36 million worth of tokens, despite the huge amount, was expected from the new all-time high mark of the crypto asset.

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Furthermore, when we break down the total active addresses on the network in terms of profitability, we can see that the objective of selling is secondary to that of MNT owners. About 87% of all active addresses are in the money, which means neither profit nor loss. Only 12% of the profits are.

This means that MNT holders are not looking to sell at the moment, which helps the altcoin rally even more.

MNT Price Forecast: Decline or Consolidation?

Mantle price is likely to continue above the $1.07 support line as it faces any trading pressure. The 50-day EMA is acting as support, and the $1.07 line was tested before consolidating.

Going forward, the altcoin may make another attempt to post another new all-time high. However, it is likely to continue strengthening below the newly established $1.31 resistance level.

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However, if the $1.07 support is broken and MNT falls, the price may drop to the $0.94 support level. This is connecting to the 100-day EMA. Missing the $1.00 support position will invalidate the bullish study.