Mantle (MNT) has recently soared to unprecedented heights, buoyed by the enthusiasm of investors amidst a decidedly bullish market landscape.

After reaching a pinnacle of $1.29 around 05:30 UTC on March 27, the price of MNT experienced a slight downturn, settling at $1.18 at the time of composition. Despite this retreat, MNT has enjoyed a remarkable 28% surge over the past 24 hours, propelling its market cap to an impressive $3.8 billion and solidifying its position as the 33rd-largest digital currency.

In tandem with this surge in price, Mantle's daily trading volume has surged by an impressive 65%, reaching a substantial $410 million. Notably, the lion's share of this trading activity has been observed on the Bybit crypto exchange, accounting for approximately $312 million in transactions.

Analysis from Santiment reveals a consistent uptick in the ratio of daily on-chain MNT transactions showing profit versus those showing loss over the past three days, currently standing at a robust 1.85. While this suggests a strong bullish sentiment surrounding the asset, it also raises the possibility of profit-taking maneuvers, despite no clear indications of overheating within the MNT market.

Santiment's data further illustrates that Mantle's Relative Strength Index (RSI) has experienced a notable uptick, rising from 43 to 58 over the past 24 hours. This uptrend in RSI indicates heightened price volatility, signaling the potential for increased on-chain activity within the cryptocurrency.

Additionally, insights from the market intelligence platform indicate a significant uptick in the number of active MNT deposits, surging by an impressive 32% within the past day to reach a total of 70 unique deposits. However, the number of active Mantle withdrawals has surged even more dramatically, experiencing a staggering 1,415% increase over the past 24 hours, rising from 43 to 651 unique withdrawal transactions across all exchanges.

This surge in withdrawal activity is typically indicative of a short-term accumulation pattern, suggesting that while large whale movements remain a possibility, overall sentiment appears to lean towards accumulating MNT holdings in the immediate term.