Metaverse Tokens SAND and MANA See Price Surge as NFT Market Rebounds

by

As a seasoned crypto investor with over five years of experience navigating through the rollercoaster ride that is the digital asset market, I have learned to keep my eyes peeled for potential opportunities that could yield substantial returns. The recent uptick in metaverse tokens like SAND and MANA has piqued my interest, and I find myself drawn to these promising projects.

As a crypto investor, I’ve noticed an upward trend in metaverse tokens like The Sandbox (SAND) and Decentraland (MANA). According to CryptoSlam data, the digital collectible sector has seen a spike with approximately $158 million in sales volume over the past week. This is a 13% decrease from the $181 million recorded the previous week. Despite this minor dip, it’s promising to see these tokens regaining some momentum within the broader non-fungible token (NFT) niche recovery.

Concurrently, it has surpassed the values observed during the early days of November. In the timeframe from November 4th to 10th, NFTs achieved a weekly sales volume of $93 million. The current $158 million weekly sales volume represents an increase of 41.14% compared to that period. Furthermore, this surpasses the figures recorded in October and the preceding months.

Massive Price Gain for The Sandbox and Decentraland

Following this recent recovery, I’ve found myself drawn towards the dynamic pairing of SAND and MANA. They seem to be capturing the interest of many crypto enthusiasts lately.

Over the past day, SAND experienced a significant jump of 18.75%, reaching a price of $0.7543. It soared from a low of $0.5183 to a high of $0.84 before slightly dipping but still maintaining this level. Simultaneously, this token has seen a massive weekly price rise of 110.32%, with a large “candlestick” formation during the weekend signaling a bullish trend.

In just one day, the trading volume for SAND has skyrocketed by an impressive 206.47%, climbing from approximately $200 million to a staggering $5.28 billion. This surge suggests that traders’ interest and interaction with the token have grown significantly. With a market capitalization of $1.82 billion, SAND currently ranks as the 62nd largest cryptocurrency.

In the same vein, MANA currently stands at a 1.69% increase compared to its price 24 hours ago, now priced at $0.6866. Over the past week, the token has experienced a significant surge of 67.29%. Moreover, fueled by traders’ optimism and confidence in MANA, the trading volume has surged by an impressive 61.95% over the last 25 hours.

Over the past two years, this token’s upward movement peaked at $0.7027, but recently, it’s been testing this previous resistance level.

Examining the Ichimoku Cloud indicates that the downward trend for Decentraland could be over. If this analysis holds true, it’s possible that the token will stabilize near its current price level for an extended period. If bullish feelings grow stronger, there’s a chance MANA might transform the $0.7 level into a support point.

Per analysts’ projections, it could hit the much-anticipated $1 price level in the long run.

Future of SAND and MANA

The Sandbox and Decentraland’s outlook suggests a major comeback from its historic lows.

Although these tokens seem to have made significant progress, it’s important to mention that they could still experience a significant drop in value. On the other hand, the wider cryptocurrency market is enjoying substantial growth, with Bitcoin currently valued at $97,422, showing a 0.2% daily volatility. Its market cap stands at $1.93 trillion, and its 24-hour volume amounts to $53.91 billion.

Currently, the NFT market’s weekly sales are significantly lower than their all-time high (ATH) which was recorded between August 23 and August 29, 2021, amounting to over $2.2 billion.

The demand for NFT has yet to return to this previous level, leaving the sector struggling.

Read More

2024-11-25 16:35