MNT Rockets 20% as Investors Eye It as the Next Big Ethereum L2

As the BNB Chain wave heats the meme coin market, Mantle (MNT) takes a different path of steady and sustainable growth.

In the past 24 hours, MNT surged over 20%, reaching a new all-time high (ATH) of $2.86, according to CoinGecko data, and quickly became the global spotlight for investors. This rally is not merely technical as it shows Mantle’s strong fundamentals and the growing confidence in its model.

Strong Fundamentals

According to Mantle Network’s official update, MNT’s market capitalization has just surpassed $7.5 billion, doubling in only one month. After two days, it reached $8.9 billion, a rare growth pace for a top Layer-2 (L2) token.

L2 landscape. Source: CoinGecko

While the altcoin market remains heavily fragmented and capital flows into BNB Chain, MNT stands out with stable upward momentum, minimal downside volatility, and impressive price resilience after corrections.

Market data shows that MNT maintains strong volume and steady buying pressure even as other altcoins stagnate.

“It’s rare that you get a coin that moves insanely strongly to the upside and has very little downside volatility. Usually it’s one or the other. MNT is a perfect combination of a coin that doesn’t dump and still has huge +20% days,” noted Altcoin Sherpa.

MNT price performance. Source: BeInCrypto

An analysis on X also highlighted MNT as “one of the cycle’s strongest tokens”, recording a 130% month-over-month (MoM) increase. With an efficient, low-cost Layer-2 model and an expanding ecosystem, Mantle is positioning itself as “the next noteworthy Ethereum L2” following Arbitrum and Optimism.

The Rally Isn’t Over, But Caution Is Advised

Historical data suggests potential for continued parabolic growth. As BeInCrypto previously reported, MNT hit a prior ATH when the USD1 stablecoin launched on its network. This event boosted TVL and trading volume and attracted large investors seeking a high-liquidity but still “undervalued” Layer-2.

MNT also reached an ATH earlier in September after surging 150%, driven by Bybit’s “flywheel” model linking trading activity with token demand. Despite this momentum, MNT remains undervalued compared to exchange tokens like BNB and OKB.

MNT 1W chart. Source: Ali on X

Technically, MNT maintains strong bullish momentum, ample liquidity, and no signs of distribution. Analyst Ali also affirmed that “Mantle isn’t looking back,” setting the next target around $3.6.

The current market structure indicates a continued uptrend, with strong support at $2.4–$2.5 and major resistance between $3.0–$3.6.

However, correction risks remain. Mantle’s Fully Diluted Valuation (FDV) is currently high, which could make the price sensitive to profit-taking pressure.

Moreover, its liquidity dependence on the USD1 stablecoin, a politically tied asset, could cause significant volatility if regulatory conditions shift.