As we reported as Kriptokoin.com, Decentraland (MANA), in which Turks invested, had a stable price performance last week. Instant on-chain data reveals that investors are fed up with declining profit levels in the metaverse coin project. However, leading whales continue to sell large quantities of MANA! So what’s next? Here are the details…
Decentraland (MANA) is losing the relevance it has
Launched in 2017, Decentraland is a decentralized metaverse coin project running on the Ethereum blockchain. The project, which allows users to monetize their content creation and gaming experiences, has seen 15 percent losses in its native coin MANA over the past 10 days. On-chain data reveals a link between the recent price drop and the persistent decline in Decentraland user base growth rate.
Blockchain analytics platform Glassnode reveals that the number of new users joining the metaverse coin project has been declining rapidly since mid-January. As shown in the current chart below, 1,069 new MANA addresses were created in January. But as of March 30, that figure had dropped to 381, representing a 64 percent drop in traction. The graph looks like this:
In expert opinion, the drop in new users may indicate that the metaverse coin project is losing market share to competitors. While the MANA price has dropped only 15 percent from its local high of $0.67 on March 18, 2023, the 64 percent drop in new users could raise serious concerns among crypto investors.
Whales sell popular metaverse coin MANA
On the other hand, recent sales among MANA whales further confirm this downward trend. A strategic whale group sold massive amounts of MANA last month, according to data from crypto analytics firm Santiment. After a month of growth slump, the whale cluster with 1 million to 10 million MANA coins began to deplete its assets. The chart below shows that they sold 53 million tokens worth approximately $30 million between February 21 and March 31.
As you know, when the leading cryptocurrency whales start selling their holdings, it can be a big bearish concern, especially for low-budget investors. This group of whales in particular holds about 33 percent of the total supply. If they continue to drop their wallets at current rates, this could seriously impact the MANA price. Experts advise investors to be careful.
Experts pointed to these critical levels for MANA!
IntoTheBlock’s Global Money In/Out (GIOM) chart shows that currently only 45.78 percent of MANA holders are profitable, the Decentraland market is heavily bearish and will likely fall further. According to the chart shared by the experts, it seems likely that MANA will lose its current support at $0.55, which is the minimum price 8,500 addresses paid for 132 million coins. If this happens, MANA could enter a free fall towards $0.46, where 20,700 addresses holding 303 million coins could offer support.
Still, bulls could take over the market if MANA-resistant 8,500 addresses rise above $0.60, the maximum price paid for 132 million coins. After this level, MANA could rally to the next key resistance zone at $0.70. In this region, 32,000 addresses with 512 million MANA could make some profit, according to experts.
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