Mantle surged over 12% after Bybit EU launched its first MiCA-compliant Launchpool with 36% APR incentives. Daily trading volume spiked 274%, while Mantle broke key resistance at $1.08, targeting $1.34 if momentum sustains. Mantle (MNT) recently recorded a 12.84% price surge in the past 24 hours, breaking through the $1.20 range, according to CoinMarketCap. This rally followed the launch of Bybit EU’s first MiCA-compliant Launchpool. This program immediately attracted market attention because it offered staking returns of up to 36% per year, significantly higher than Ethereum staking, which averages only 4% to 6%. Not surprisingly, the launchpool’s presence drove a 274% surge in MNT’s daily trading volume. The logic is simple: the more tokens locked for staking, the smaller the circulating supply. This situation creates a condition often referred to as a supply squeeze, where demand increases but supply is limited. Traders began to hunt for MNT in the hope of greater profits in terms of price and staking returns. Traders Eye $1.34 Target as RSI Divergence Emerges Technically, MNT successfully broke through the crucial $1.08 level, which previously served as the 23.6% Fibonacci retracement area. The surge in volume validated this breakout. However, the 14-day RSI indicator is now at 73.74, which has entered the overbought area. The MACD histogram is also still positive at 0.02, indicating that the upward momentum has not yet fully dissipated. Source: TradingView However, there is an important note for market participants. Over the past week, MNT’s price has indeed risen 21%, but the RSI has only increased by 9%. This discrepancy could signal weakening buying momentum. Seasoned traders have already identified the next potential target at $1.34, which is the 127.2% Fibonacci extension. However, on the other hand, there is also the possibility of a correction back to $1.08 if profit-taking begins to spread. Furthermore, derivatives data also supports this rally. CoinGlass data recorded a 20.59% increase in MNT derivatives trading volume to $111.54 million, while open interest increased 20.51% to $80.35 million. Typically, a surge in open interest indicates a large number of new positions being opened, and this can be a double-edged sword. If the price continues to rise, momentum will accelerate, but if the price reverses, potential liquidations could accelerate the decline. Source: CoinGlass Mantle Treasury and Partnerships Drive Long-Term Confidence Besides the price rally, Mantle’s fundamentals are actually quite solid. As of July 28th, the network’s total value locked (TVL) reached $2.6 billion, surpassing even Arbitrum and Optimism. Mantle’s strategic treasury, dominated by Ethereum, is also huge, at 101,867 ETH, or approximately $388 million. With Ethereum up 67% year-to-date, this reserve asset acts as a growth engine supporting the ecosystem. Furthermore, Mantle is also actively expanding its product offerings. On August 8th, they introduced UR, a crypto neobank offering hybrid fiat-crypto accounts, debit cards, and auto-compounding yield through the “Mantle Index Four” index fund. Beta testing began in the second quarter of this year, with a full launch targeted for 2026. Last April, CNF reported that Securitize and Mantle launched the MI4 Fund with a $400 million anchor investment. This fund aims to simplify institutional access to crypto assets through an ecosystem that includes fund tokenization, asset custody, and DeFi yield integration. Also, last February, we highlighted Mantle Network’s integration with Chainlink SCALE. This collaboration strengthens the reliability of DeFi by providing high-quality data access, low fees, and added security through decentralized oracle nodes. They aim to ensure accurate real-time price updates even during market volatility.