Decentraland (MANA) started the new year retreating along with other play to earn tokens. MANA is still the largest by market capitalization, with a potential value above $5.9B. But the play to earn space is backtracking, while looking for signs to bring prices back on track in the new year.
MANA remained in the red and pressured for the past month, though with an overall winning streak in the last quarter of 2022. MANA price predictions deal with signs the asset would be able to break the red streak.
MANA Price Prediction: Trader Sentiment
Actionable trading signals point to a bearish MANA in the near term. Over the course of weeks, MANA may be locked in a range, between $3 and $4. A bigger breakout may attempt to revisit previous highs.
The MANA all-time high is still not far at $5.47. In the longer term, MANA remains bullish, with a goal of $10 possibly attempted by the end of 2022.
MANA Price Prediction: New Project Developments
Decentraland has finally realized its vision of starting a metaverse based on the blockchain. The user growth was immense in the past year, potentially growing as new features are added.
The digital land market is also active, potentially boosting MANA market prices.
MANA Price Prediction: On-Chain Data
MANA prices will hinge on the social media presence of metaverse use cases.
Over the first days of the new year, MANA usage decreased, possibly based on holiday activities.
MANA also remains held close, with more than 62% of holders in the money. MANA was in demand in the past month, with about 18% of holders having coins younger than one month.
MANA Price Prediction: OpenSea Trading
Decentraland is the fourth largest market for virtual land plots, with more than 1,300 ETH in trading volumes in the past seven days. More than 92K land items are on offer, with 6,200 owners.
Baseline prices for Decentraland plots reach 3.52 ETH, building up potential demand for MANA.
