MNT [OM]在鯨魚轉儲$ 871K的令牌後進入高度揮發性階段

在鯨魚存入200萬美元（價值8.71 k美元）的鯨魚中，借助了200萬美元，意識到了驚人的2544萬美元虧損，MNT [OM]進入了一個高度波動的階段。

Mantra [OM] has entered a highly volatile phase following a whale’s massive 2 million OM deposit into Binance. The move, valued at $871K, comes after an earlier 4 million OM withdrawal (valued at $27.18 million) just six weeks ago.

咒語[OM]進入了鯨魚的大量200萬OM押金之後，進入了一個高度波動的階段。此舉價值為87.1萬美元，僅在六週前撤回了400萬次OM撤離（價值2718萬美元）之後。

This might seem like a large sum, but it pales in comparison to the $25.44 million loss the whale realized after converting the tokens.

這似乎是一筆錢，但是與鯨魚轉換後鯨的2544萬美元損失相比，它顯得蒼白。

Such abrupt and substantial losses often unsettle markets, especially when executed by large holders.

這種突然而巨大的損失常常使市場感到不安，尤其是在大型持有人執行時。

Did OM’s falling channel break all hope?

OM的Falling頻道打破了所有希望嗎？

OM’s price action paints a grim technical picture.

OM的價格動作描繪了嚴峻的技術圖片。

At press time, Mantra traded at $0.4152, down 4.93% in the last 24 hours. The token recently broke down from a descending channel structure, accelerating its fall from above $6 to under $0.50. This collapse formed a sharp wick that hints at panic-driven liquidation, typical of capitulation scenarios.

發稿時，Mantra的交易價格為0.4152美元，在過去24小時內下跌4.93％。該令牌最近從降落的渠道結構中崩潰，從6美元以上的跌至0.50美元的速度將其下跌加速。這種崩潰形成了一個鋒利的燈芯，暗示著恐慌驅動的清算，這是典型的投降場景。

Having said that, the Relative Strength Index (RSI) on the lower time frame, now at 17.22, sat firmly in oversold territory, while the MACD histogram began turning positive. Despite these exhaustion signals, the market lacks clear bullish catalysts.

話雖如此，較低時界的相對強度指數（RSI）（現在是17.22）牢固地坐在超賣領土上，而MACD直方圖開始變為正面。儘管有這些疲憊的信號，市場仍缺乏明顯的看漲催化劑。

Source: TradingView

資料來源：TradingView

Are fundamentals deteriorating?

基本面正在惡化嗎？

Meanwhile, fundamentals weren’t doing Mantra any favors. According to IntoTheBlock, all four core metrics—Net Network Growth, In-the-Money addresses, Whale Concentration, and Large Transactions—flashed bearish signals.

同時，基本面並沒有咒語。根據Intotheblock的說法，所有四個核心指標 - NET網絡增長，貨幣貨幣地址，鯨魚集中度和大型交易 - 持有的看跌信號。

Net Network Growth showed weak adoption at just 0.69%.

淨網絡增長顯示僅為0.69％。

Moreover, only -2.13% of addresses were in the green, highlighting poor entry points across the board. Concentration among large holders was also slipping at -0.05%, suggesting whales were exiting positions.

此外，只有-2.13％的地址是綠色的，突出了整個入口點不佳。大型持有人的濃度也以-0.05％的速度滑倒，這表明鯨魚正在退出位置。

Most notably, Large Transactions dropped by -11.29%, implying a sharp reduction in high-volume movements.

最值得注意的是，大型交易下降了-11.29％，這意味著大量運動的急劇減少。

Source: IntoTheBlock

來源：intotheblock

Do MVRV and NVT hint at reversal or risk?

MVRV和NVT是否暗示逆轉或風險？

From a valuation perspective, OM remained stuck between two extremes.

從估值的角度來看，OM仍然陷入了兩個極端之間。

The MVRV Z-score sat at -2.36, reflecting deep unrealized losses across the board. As DeepMind pointed out, such readings have historically preceded market bottoms—but only when paired with fresh demand.

MVRV Z得分位於-2.36，反映了全面未實現的損失。正如DeepMind所指出的那樣，這種讀數歷史上已經先於市場底層，但是只有與新鮮需求配對時。

However, relying on MỌNỌ's MVRV Z-score alone might be risky without confirmation from price action or increased demand. If new investors interpret this as a value zone, we might see accumulation follow.

但是，僅依靠MọNọ的MVRV Z分數就可能存在風險，而沒有價格行動或需求增加。如果新投資者將其解釋為價值區，我們可能會看到隨後的積累。

The NVT ratio, on the other hand, surged to 26.37, suggesting the token’s market capitalization far outpaced actual on-chain activity. This implies the current price is not justified by usage, hinting at overvaluation.

另一方面，NVT的比率飆升至26.37，這表明令牌的市值遠遠超過了實際的鏈上活動。這意味著目前的價格沒有用法是合理的，暗示了高估。

Source: Santiment

資料來源：santiment

In contrast, the Stock-to-Flow Ratio recently plunged to 0.834, showcasing a dramatic shift from perceived scarcity to heightened token circulation.

相比之下，股票與流量比最近跌至0.834，展示了從感知到的稀缺到加劇的令牌循環的急劇轉變。

Together, these metrics tell a conflicting story: while NVT warns of inflated valuation, the drop in stock-to-flow reflects a collapse in long-term holding conviction.

這些指標共同講述了一個相互矛盾的故事：雖然NVT警告估值膨脹，但股票流量的下降反映了長期持有定罪的崩潰。

These extremes signal a market caught between speculation and fear, lacking clear direction.

這些極端表明市場在投機和恐懼之間陷入困境，缺乏明確的方向。

Has OM bottomed, or is there more pain to come?

OM觸底了，還是還有更多的痛苦？

While OM shows signs of technical exhaustion and sentiment is bearish, the path remains unclear unless fresh demand or bullish catalysts emerge.

儘管OM表現出技術精疲力盡和情感的跡像是看跌，但除非出現新鮮需求或看漲催化劑，否則該路徑仍不清楚。

Such catalysts could include the coin burn having a greater-than-expected impact or persistent accumulation from new investors.

這樣的催化劑可能包括硬幣燃燒，其影響大於預期或來自新投資者的持續積累。