UPDATED 01.02.2022 Decentraland (MANA) made a rapid recovery in the past seven days, at one point reaching above $2.80. MANA retreated to $2.72 for a brief retrace, but still up nearly 30% in a week. Trader attitudes for MANA are bullish at the beginning of the new month. MANA remains the leading play to earn token and is easily available for exposure to the gaming trend and metaverse land plot demand.
UPDATED 24.01.2022 Decentraland (MANA) became the most talked-about token on Twitter in the past few days, based on demand for metaverse land plots. MANA has to prove its position as the leading play to earn token.
MANA sentiment turned to bearish, as the token sank to $1.85 on ongoing market weakness. MANA abandoned plans to climb to $5 again, instead facing the potential scenarios of a short-term correction or a more protracted bear market.
Decentraland (MANA) is at a crossroads despite significant interest in metaverse land. With more games launching land play, Decentraland is not the only digital venue that promises to increase value with rare or significant digital properties and estates.
The MANA token is going through a correction, mostly moving based on trading sentiment and liquidity on the open market. MANA sank to $2.76, following the new week’s market weakness. Play to earn tokens often move upward independent of big-ticket crypto coins like Bitcoin (BTC) and Ethereum (ETH). But this time, MANA is showing a return to lows not seen in the past three months.
MANA Price Prediction: Demand for Metaverse Land
Decentraland is one of the oldest digital land plot projects in crypto space, as the project performed its token sale years ago. Initially, digital land plots were used in a speculative fashion.
In 2022, as more projects attempt to build metaverse presence, Decentraland plots are attracting big names and art projects with complex and recognizable designs.
Increased adoption and potential corporate interest in metaverse land may bring more positive price action for MANA.
MANA Price Prediction: Trading Signals Turn Bullish
Despite the price dip, the market sentiment for MANA is bullish. Trading volumes have stabilized just under $400M in 24 hours, with the potential to double for short-term rallies.
Net network growth is one of the most bullish factors, showing new buyers taking risk with MANA in the past few months.
During the latest MANA rally above $5, many new buyers appeared, but only 53% of all MANA holders are in the money. MANA also sees significant whale transactions, underscoring interest in metaverse land.
MANA Price Prediction: Will it Remain Market Leader
MANA remains the leading asset in terms of market cap. For now, it may be difficult for Axie Infinity (AXS) to “flippen” MANA, but the top spot is not promised.
The play to earn market is going through a significant correction, shedding more value in the past week. The overall valuation of play to earn tokens is down from a peak above $33B to $21.8B.
For now, there is no consensus on where the market bottom will be reached. MANA is more volatile and may erase more value before bouncing. MANA and other play to earn assets can bounce based on the performance of their leading trading pairs on the Binance exchange, sparking hopes for highly active short-term gains.