MNT, the native token of the Mantle Network, an L2 technology stack for scaling Ethereum, surged more than 11% in the past 24 hours, reaching monthly highs and surpassing the $0.8 price level in the same time period.

As per the data from CoinMarketCap, the trading volume of the cryptocurrency increased 12.24% and currently stands at $245 million, while the market cap of MNT is $2.8 billion, making it the 31st largest digital asset by market valuation. The total supply of MNT tokens is 6.2 billion MNT, while the circulating supply is 3.2 billion MNT with each token priced at $0.8590 at the time of writing.

In the past seven days, MNT climbed 24.27%, followed by a 3.98% surge in the past month. The altcoin’s daily chart provided by TradingView indicates a significant increase in buyers’ demand with six consecutive bullish daily candles.

Meanwhile, the Relative Strength Index (RSI) is valued at 64.29, confirming that the bulls are currently in control of the price action. The gradient of the RSI suggests that higher prices are definitely possible in the short term. Moreover, the Accumulation/Distribution signals confirm that investors are accumulating the altcoin at a higher rate and prices might continue to soar in the near future.

According to Coinedition’s Mantle (MNT) price prediction, the altcoin is expected to end the year 2024 at a price of $4.75. However, by 2027, the cryptocurrency is expected to fall down to $5.28 but a recovery might be seen in 2028 and if the project continues to develop and attract more users, by 2030, MNT would be priced at $13 after securing the $10 price level by 2029.

Mantle uses a unique infrastructure and provides investors with the option to initiate faster transactions and pay lower fees compared to the Ethereum Mainnet. Some of its competitors include ZKSync (ZK) and StarkWare.