- Mantle (MNT) has surged over 20% in the last 24 hours, breaking back above the $1 level
- Stellar (XLM) has jumped 16%, boosted by the positive resolution of the Ripple vs. SEC lawsuit
- The strong performance of these two altcoins could be an early signal of a broader market rally
Mantle (MNT) has exploded over 20% in the past 24 hours, with its trading volume skyrocketing by more than 134% as the token broke back above the key $1 level. At the same time, Stellar (XLM) has jumped 16%, signaling that serious capital is beginning to flow into the altcoin market.
What’s Driving the Mantle (MNT) Rally?
The rally in MNT appears to be fueled by a renewed push from key ecosystem players like Bybit to accelerate the development of the Mantle Network. Bybit co-founder Ben Zhou recently outlined an ambitious vision for a “Mantle Network 2.0.”
From a technical standpoint, the daily chart shows MNT trading in a rising wedge pattern and pushing against its upper resistance line. The token is trading above the midline of the Bollinger Bands, signaling strong momentum, while the RSI hovers near the overbought zone at 74.98.
Bullish pressure remains dominant but short-term pullbacks are possible before another push higher. If the wedge breaks upward with convincing volume, MNT could target $1.20 in the near term.
Stellar (XLM) Jumps 16% on Ripple News
At the same time, Stellar (XLM) has seen its own sharp rally, with a massive 260% spike in trading volume. This surge is a direct spillover effect from the conclusion of the Ripple vs. SEC lawsuit, which has removed a cloud of regulatory uncertainty over similar cross-border payment tokens like Stellar.
The market reaction has been particularly favorable for XLM, as traders appear to be rotating into related assets now perceived to have reduced legal risk.
But there’s more to the XLM story. The Ripple news isn’t the only thing driving Stellar. CoinEdition previously covered Stellar’s ‘Protocol 23’ upgrade.
XLM’s Breakout Attempt
The XLM daily chart shows a breakout attempt from a widening wedge pattern, with the token reclaiming levels near $0.46.
Momentum indicators show the MACD line trying to cross above the signal line, hinting at a possible continuation of bullish momentum, while the Chaikin Money Flow is improving from negative territory, signaling growing buying pressure.
If XLM can sustain its move above $0.46, the next upside target sits near $0.50, with a potential extension toward $0.54. On the downside, $0.42 remains a key support level that bulls will need to defend to keep the breakout scenario intact.
These Rallies a Sign of Things to Come?
The powerful, high-volume moves in both MNT and XLM suggest that traders are actively looking for opportunities in the altcoin market.
As Bitcoin hovers at $116K, around 6% shy from its all-time high, investors eye a fall in BTC dominance for an altcoin rally.
So how high could Altcoins go? Both these token rallies could be just the start. Here’s one top analyst’s prediction for a $5 trillion altcoin market cap.
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