Following a significant price drop, Mantra's cryptocurrency OM is experiencing a notable recovery. The altcoin plummeted by more than 90% on April 13, dropping from $6.30 to below $0.50 within a short period.

Nevertheless, it has shown a strong resurgence with a 25% increase in the last 24 hours. Currently, OM stands out as the top-performing asset in the market and appears set to continue its positive trend in the near future.

The renewed investor interest in OM is attributed to a recent announcement by Mantra's CEO, John Patrick Mullin, on April 15 regarding plans to burn a portion of the team's token holdings. This move has reassured the market and reignited optimism among some traders. Consequently, there has been a rise in demand for OM, leading to a price surge of over 25% in the past day.

Various key indicators, both from on-chain and market data, support this recovery outlook. Notably, the token's open interest has surged by 9%, indicating an influx of new capital into OM positions recently, amounting to $156.74 million.

Furthermore, the long/short ratio for OM currently sits at 1.02, emphasizing a preference for long positions among futures traders. This ratio suggests that more traders are betting on a sustained price increase for OM rather than a decline.

At the time of writing, OM is trading at $0.78, reflecting a 29% rise from its low of $0.50 on April 13. With growing buying pressure, the altcoin may continue its upward momentum and reach $2.64. However, if bearish sentiment returns and drives the price downward, there is a possibility that OM could decline to $0.09, its previous low last seen in January 2024.