Mantle is down: key price triggers and analysis

So, why is Mantle down today?

Mantle retreats after a strong rally

MNT reached an all-time high of $2.85 on October 9, 2025, fueled by new trading pairs on exchanges, institutional interest, and an extended partnership with Bybit under the Mantle 2.0 initiative. At the time of writing, Mantle is down 43% from its all-time high, signaling a post-rally reset and profit-taking. The cooled momentum explains the Mantle price drop today, as the market consolidates after recent gains.

Based on data from Coinalyze, Mantle’s open interest is down 12% in the last 24 hours, currently standing at over $168 million. This indicates that traders are closing MNT positions faster than they’re opening new ones. The decline in open interest adds to price pressure, serving as another key reason why is Mantle down today. At the same time, the broader crypto market is seeing liquidations totaling $657 million. Around $2.6 million in Mantle positions were liquidated over the last 24 hours, $2.45 million of which were long positions.

Reduced on-chain activity

Weekly transactions and active addresses on Mantle are down 14% and 45%, respectively, according to Dune Analytics. User engagement decline adds bearish pressure amid broader market volatility. The reason why is Mantle dropping is a combination of macro rotation, post-rally exhaustion, and minor ecosystem issues.