Decentraland (MANA) Rises in Metaverse Revival

Decen­tra­land (MANA) Price Climbs as Meta­verse Resurges, Where to Next? 

After near­ly a month in decline, Decen­tra­land (MANA) price has made a resur­gence in the last sev­en trad­ing days. On-chain data shows that an accu­mu­la­tion fren­zy from large investors has been piv­otal. Can Apple’s recent for­ay into the meta­verse lead to a more bull­ish MANA price prediction? 

Apple has made a long-antic­i­pat­ed for­ay into the meta­verse by list­ing an Axie Infin­i­ty game on its native App­Store. Promi­nent Game­Fi tokens like AXS, MANA, and SAND, all jumped as mar­kets react­ed to the news. 

Decentraland Whales Are Positioning For Potential Gains from the Apple Listing

With more than 1.8 bil­lion active Apple devices world­wide, blockchain-native games could now pen­e­trate a much broad­er market. 

On-chain data reveals that Decen­tra­land whales are already accu­mu­lat­ing MANA to front-run the poten­tial gains. 

The chart below shows that Dence­tra­land whales hold­ing 10 mil­lion to 100 mil­lion MANA have added 21 mil­lion tokens between May 11 and May 17. 

The 21 mil­lion new­ly-added coins are worth approx­i­mate­ly $10 mil­lion at cur­rent mar­ket val­ue. This week-long accu­mu­la­tion fren­zy is even more remark­able, con­sid­er­ing that the whales began May 2023 with a fran­tic sell-off.

If Apple goes on a spree of list­ing blockchain games, the whales and oth­er strate­gic retail investors will like­ly pile on more buy pres­sure. And this could ulti­mate­ly val­i­date the bull­ish Decen­tra­land price prediction. 

MANA is Still Undervalued

Despite the pos­i­tive news mak­ing rounds, on-chain data sug­gest that the Decen­tra­land native token is still under­val­ued at cur­rent prices. As seen below, MANA NVT Ratio has dropped by 74% from 893.68 to 230.79 between May 13 and May 17. 

Typ­i­cal­ly, strate­gic investors use the Net­work Val­ue to Trans­ac­tion Vol­ume (NVT) ratio to assess the rela­tion­ship between a cryp­tocur­ren­cy net­work’s mar­ket cap­i­tal­iza­tion and the lev­el of under­ly­ing trans­ac­tion­al activity.

When the NVT ratio drops con­sid­er­ably, as observed above, the asset is under­val­ued and could be due for more price gains. 

In sum­ma­ry, the increased whale activ­i­ty and low NVT ratio could attract investors look­ing to enter the MANA mar­ket at a crit­i­cal pos­i­tive turn­ing point. 

MANA Price Prediction: Race to $0.75 

Accord­ing to IntoThe­Block’s In/Out of Mon­ey Around Price (IOMAP) data, MANA will like­ly ral­ly above the $0.75 mark. 

For the bulls to be con­fi­dent of the bull­ish Decen­tra­land price pre­dic­tion, MANA must first clear the ini­tial resis­tance at $0.60. But sell­ing pres­sure from 1,570 investors that bought 132 mil­lion MANA at the max­i­mum of $0.60 may pre­vent it. 

If the pos­i­tive MANA price pre­dic­tion plays out as expect­ed, the bulls can gar­ner enough momen­tum to push for $0.75.  

Still, the bears could inval­i­date the pos­i­tive out­look if MANA retraces unex­pect­ed­ly below $0.46. Although, as seen above, the bull­ish sup­port from 2,400 address­es that had bought 106 mil­lion coins for a min­i­mum price of $0.46 will like­ly pre­vent the drop.

If that sup­port lev­el can­not hold, the bull­ish Decen­tra­land price pre­dic­tion could be effec­tive­ly inval­i­dat­ed and trig­ger a drop toward $0.41.