How Is Ethereum’s Uptrend & ByBit Partnership Fueling MNT Price Rally?

The post How Is Ethereum’s Uptrend & ByBit Partnership Fueling MNT Price Rally? appeared first on Coinpedia Fintech News

The MNT price is surging, and this ongoing August has seen 45% so far amid significant developments that include a key partnership, on-chain strength, and Ethereum’s own rally climbing to a new ATH. 

As a result, the MNT token is now trading above $1 threshold at $1.02 with a market cap of $3.42 billion, with a 5% intraday gain. This momentum-filled rally is backed by growing fundamentals. As the Ethereum price today is also continuing its upward trend, experts are also confident that the MNT price forecast now points to further gains.

ByBit Partnership Highlights Ecosystem Expansion

One of the strongest bullish developments for MNT price today is the announcement of Mantle about their newly formed strategic partnership with the ByBit exchange. 

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This alliance not only boosts liquidity and visibility but also reveals institutional confidence in the Mantle ecosystem. The move has directly contributed to the upward push in the daily chart of the MNT price USD.

Whale Activity and On-Chain Metrics Show Strength

Moreover, on-chain data also paints a confident picture, as project adoption is rising and so is people’s trust. Per DefiLlama, the TVL has surged to $245 million in the past 10 days from a low of $225 million.

The other metrics, like “whale transactions, those over $100K” have spiked positioning Mantle at the top of large-mover charts. This surge is verified as Santiment insights have revealed that Mantle is the number 1 asset this week in terms of whale activity, as it saw over 10x whale transactions than usual.

Additionally, Nasnsen revealed on Monday that the Mantle’s active addresses exploded as it surged by 56%, while transactions climbed 21% this week, pointing to a broad-based increase in network engagement. 

Ethereum Price Rally Adds to Mantle’s Upside

Meanwhile, Ethereum’s upswing continues to boost Layer-2 tokens. As the ETH price USD climbs and heads toward $4,500, maintaining bullish strength, the MNT price is mirroring that momentum. 

The top observers have noted that as ETH pushes higher, the “on-chain congestion and flows” on it are benefiting scaling solutions like Mantle and others, which revolve around ETH.

Technically, analysts are watching a notable resistance zone upside on Mantle price where a sell wall at $1.35 is present. Despite that, it boosts the short-term positive outlook for August because if ETH continues higher, then MNT price would follow.

That said, should MNT clear this level in the run, then the MNT price prediction for August could shift toward larger targets like $2.