Manta Network TVL soars past $1.7 billion following recent MANTA airdrop

Ethereum layer2 Manta Pacific saw its total value locked (TVL) climbing to $1.76 billion, underscoring significant network activity. The latest airdrop and lucrative price actions contributed to the surges.

Manta TVL skyrockets

The increased total value locked in Manta Pacific likely emerges from the surged natively bridged tokens. The blockchain launched a 50,000,000 MANTA airdrop last week.

That massive giveaway propelled the alt’s TVL share to around $939 million. Canonically and externally-bridged tokens accounted for the remaining $829 million.

Manta Pacific has recorded swift growth in TVL, considering its recent Mainnet launch in September 2023.

MANTA price outlook

Manta Network’s native coin has recorded impressive price actions lately, climbing from monthly lows of $0.2097 to $3.69 during this publication. The alt’s market cap stands at $923,912,684.

MANTA maintains an upward price momentum as it stays beyond a climbing trend line. Nonetheless, the Relative Strength Index shows the upward thrust could slow down.

Failure to hold above the crucial $3.51 support barrier can trigger a 10% slide from current prices. Nevertheless, the horizontal support around $.325 and a climbing trend line offer a robust footing, thus vital in mitigating the potential price fall.

Adverse market conditions might catalyze a 23% price dip, pushing MANTA from its current price to $3.07. Therefore, enthusiasts should closely watch the alt’s support barriers.

Meanwhile, the token hasn’t yet hit overbought, translating to room for more upsides. Amplified buying activities can propel MANTA beyond the crucial resistance at $3.70 to set new highs past $3.80.