Decentraland hypes things up with a new fashion event featuring big industry players. MANA sess some decline despite strong whale accumulation in the second half of February. Decentraland just concluded an interesting first two months of the year which was characterized by some recovery. Demand for metaverse projects bounced back slightly, but can it sustain […]
Decentraland’s MANA token was also one of the top gainers on the list, on a year-to-date basis.
MANA peaked at $0.84 on 2 February which marked its 2023 peak so far. This represents a 22% drop to its $0.64 press time price.MANA’s price has extended its decline despite a golden cross towards the last week of February. Its RSI has so far tanked below the mid-level as the bears remain dominant. But will the bulls make a comeback now that Decentraland is showing signs of more activity?
On-chain data reveals that whales have been accumulating MANA. The supply held by top addresses has been rising since 20 February despite the price drawdown. Additionally, the market sentiment shifted to a bullish expectation since 25 February as indicated by the weighted sentiment metric.The bullish sentiment coupled with the whale accumulation also reflect on MANA’s exchange flows in February. The supply of MANA on exchanges registered a sharp drop between 19 and 20 February. At the same time, the supply outside exchanges experienced a sharp surge.Lastly, MANA continued tanking despite these observations.
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