Will the MANA Crypto Price Rally End After a 70% Weekly Surge?
ManaDecentraland’s native cryptocurrency has seen an impressive 70% price increase over the past week. The surge in MANA cryptocurrency price is part of a broader rally in Metaverse-related tokens that has captured the market’s attention.
While this development may come as a surprise to some, BeInCrypto’s closer look can provide insight into the catalysts behind this movement. this On-chain analysis Take a look at what’s next for the coin.
Decentraland’s active addresses and transaction volume reach new heights
The recent rise in the price of the MANA cryptocurrency can be attributed to a significant increase in the coin’s active addresses, which indicates increased user interaction on the blockchain. Interestingly, this also qualifies sandbox (sand), this is also one of the leaders The rebirth of the metaverse.
Active addresses measure the number of unique users that successfully completed a transaction. A rise in this metric indicates an increase in network participation, which is generally considered positive for cryptocurrencies. Conversely, a decline means less traction, which is generally considered bearish.
On November 20, MANA had approximately 810 active addresses. Fast forward a few days and that number has surged nearly fivefold, reflecting growing interest in the coin. A surge in activity could be MANA Price Climbs From $0.40 to $0.70 – the highest level since March.
Following this development, Santiment data showed MANA’s trading volume climbed to $1.57 billion. Trading volume represents the total value of a specific cryptocurrency traded during a specific period.
This metric reflects a coin’s activity and liquidity levels. High trading volume indicates significant buying and selling volume, which generally indicates high market participation. On the other hand, low volume could mean less activity, resulting in less market interest.
Therefore, the rise in the coin’s trading volume validates the signs shown by active addresses. However, since The price of MANA has dropped Judging from the recent peak, it may be challenging to keep up with the uptrend, and this analysis suggests another pullback is likely.
MANA Price Forecast: A pullback is imminent
From an on-chain perspective, the MANA cryptocurrency price rally may have reached a local top. this prophecy Signs based on price showing around funds/outside funds (IOMAP).
IOMAP is a key metric that analyzes the distribution of cryptocurrency holders based on whether their holdings are in profit, loss, or break-even. It also provides insights into potential support and resistance levels in the market.
When a large number of “no money” clusters appear, this indicates address held At a price above current market value. These areas often act as resistance. Conversely, large clusters that are “in the money” often act as a support, as holders may buy more or hesitate to sell in anticipation of further price appreciation.
For MANA, approximately 36.47 million tokens held by addresses accumulating nearly $0.70 are currently “out of funds.” This volume exceeded tokens held between $0.61 and $0.68, marking this range as a key resistance area.
Therefore, the MANA cryptocurrency price may experience a correction. If this is the case, then the cryptocurrency’s value could fall to $0.61 in the short term.
However, if Increased buying pressure This may not happen if the volume exceeds $0.70. On the contrary, MANA is likely to climb towards $0.80.
Disclaimer
conform to trust project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
