Mantra Battles $7.60 Resistance as 1,080 Holders Control 167M SOM

• Mantra is near $7.08 and must clear $7.60 to gain momentum.  
• About 167M SOM is held at resistance while 98% remains unprofitable.  
• A breakout could push Mantra above $7.72 while failure risks a drop.
  

Mantra (SOM) is approaching a major resistance level at $7.60, where 1,080 addresses collectively hold 167.99 million SOM. The current price hovers at $7.08, just below this barrier. If SOM breaks above this resistance, it could open the path for a stronger rally, possibly leading to new all-time highs. However, failure to clear this level may result in a pullback as selling pressure increases from investors looking to secure gains.   

Source: X

The chart highlights a volume-heavy resistance zone between $7.51 and $7.72, with an average buy price of $7.59. This zone represents a critical area where sellers could emerge, given the large token concentration. The in-the-money volume stands at 6.05 million SOM, valued at $42.86 million, while a staggering 342.28 million SOM, worth $2.42 billion, remains out of the money, indicating a majority of investors are waiting for a price recovery.

Current Price Action and Market Sentiment

At $7.08, Mantra remains in a tight trading range, attempting to establish support before another upward push. The market distribution shows 98.13% of the total SOM supply is currently out of the money, meaning most holders are at a loss. Only 1.74% of the supply, or 6.05 million SOM, is profitable at current prices.

Market sentiment appears cautious, with traders closely watching the $7.60 level. The percentage of at-the-money supply sits at 0.13%, representing 461,640 SOM, indicating a narrow breakeven zone. This suggests that a small percentage of holders are at a decision point, where either a breakout or rejection could dictate the next trend.

Technical Levels and Breakout Possibilities

If Mantra manages to breach $7.60, the resistance between $7.72 and $8.15 could be the next major hurdle. A breakout above this range might trigger a rally, bringing renewed bullish momentum. However, if sellers dominate at these levels, SOM could face consolidation or a retracement back toward support levels near $6.86.

With 39.24% of the supply concentrated within these price levels, market participants are watching closely. If buying pressure increases, Mantra could test new highs, but a failure at $7.60 might delay any major upward moves. The coming days will determine whether SOM can break free or if resistance will continue to hold firm.