MNT [OM]在鲸鱼转储$ 871K的令牌后进入高度挥发性阶段

在鲸鱼存入200万美元（价值8.71 k美元）的鲸鱼中，借助了200万美元，意识到了惊人的2544万美元亏损，MNT [OM]进入了一个高度波动的阶段。

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.

咒语[OM]进入了鲸鱼的大量200万OM押金之后，进入了一个高度波动的阶段。此举价值为87.1万美元，仅在六周前撤回了400万次OM撤离（价值2718万美元）之后。

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.

这似乎是一笔钱，但是与鲸鱼转换后鲸的2544万美元损失相比，它显得苍白。

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

这种突然而巨大的损失常常使市场感到不安，尤其是在大型持有人执行时。

Did OM’s falling channel break all hope?

OM的Falling频道打破了所有希望吗？

OM’s price action paints a grim technical picture.

OM的价格动作描绘了严峻的技术图片。

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.

发稿时，Mantra的交易价格为0.4152美元，在过去24小时内下跌4.93％。该令牌最近从降落的渠道结构中崩溃，从6美元以上的跌至0.50美元的速度将其下跌加速。这种崩溃形成了一个锋利的灯芯，暗示着恐慌驱动的清算，这是典型的投降场景。

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.

话虽如此，较低时界的相对强度指数（RSI）（现在是17.22）牢固地坐在超卖领土上，而MACD直方图开始变为正面。尽管有这些疲惫的信号，市场仍缺乏明显的看涨催化剂。

Source: TradingView

资料来源：TradingView

Are fundamentals deteriorating?

基本面正在恶化吗？

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.

同时，基本面并没有咒语。根据Intotheblock的说法，所有四个核心指标 - NET网络增长，货币货币地址，鲸鱼集中度和大型交易 - 持有的看跌信号。

Net Network Growth showed weak adoption at just 0.69%.

净网络增长显示仅为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％的地址是绿色的，突出了整个入口点不佳。大型持有人的浓度也以-0.05％的速度滑倒，这表明鲸鱼正在退出位置。

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％，这意味着大量运动的急剧减少。

Source: IntoTheBlock

来源：intotheblock

Do MVRV and NVT hint at reversal or risk?

MVRV和NVT是否暗示逆转或风险？

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

从估值的角度来看，OM仍然陷入了两个极端之间。

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得分位于-2.36，反映了全面未实现的损失。正如DeepMind所指出的那样，这种读数历史上已经先于市场底层，但是只有与新鲜需求配对时。

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，仅依靠MọNọ的MVRV Z分数就可能存在风险，而没有价格行动或需求增加。如果新投资者将其解释为价值区，我们可能会看到随后的积累。

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的比率飙升至26.37，这表明令牌的市值远远超过了实际的链上活动。这意味着目前的价格没有用法是合理的，暗示了高估。

Source: Santiment

资料来源：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，股票与流量比最近跌至0.834，展示了从感知到的稀缺到加剧的令牌循环的急剧转变。

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.

这些指标共同讲述了一个相互矛盾的故事：虽然NVT警告估值膨胀，但股票流量的下降反映了长期持有定罪的崩溃。

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

这些极端表明市场在投机和恐惧之间陷入困境，缺乏明确的方向。

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

OM触底了，还是还有更多的痛苦？

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

尽管OM表现出技术精疲力尽和情感的迹象是看跌，但除非出现新鲜需求或看涨催化剂，否则该路径仍不清楚。

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

这样的催化剂可能包括硬币燃烧，其影响大于预期或来自新投资者的持续积累。