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MANA’s troubles continue despite recent surge- What could be its saving grace?

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MANA's troubles continue despite recent surge- What could be its saving grace?

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  • MANA’s seven-day performance was at a 41% uptick, but its condition on-chain brought doubt to the sustenance.
  • The Awesome Oscillator projected possible consolation in the next few days.

At the start of 2023, Decentraland [MANA] added new features for users on its ecosystem, and noted that it’s just “the beginning.” According to the announcement, the DCLcitizens, as they are popularly called, will be able to link profiles, differentiate nametags, and also highlight avatars.

Realistic or not, here’s MANA’s market cap in BTC’s terms

These features were not the only new year gifts the Ethereum [ETH]-based virtual reality platform handed its users. According to CoinMarketCap, MANA’s seven-day performance produced a 41% uptick. The token also followed up with a surge as it registered a 10.01% increase in the last 24 hours.

There could be an ultimatum for Decentraland

However, MANA’s uptick could be threatened by its deteriorating state on-chain. Based on Santiment’s data, MANA’s network growth was at its lowest since October 2022.

At 118, the decrease explained how Decentraland had been losing out to competitors per adoption and its resolve to gain traction.

The on-chain platform also showed that development activity within the MANA ecosystem was not one to be invigorated. At press, development activity on its chain was trending downwards despite a notable increase recently.

The decrease then raises questions about Decentraland’s dedication to upgrading the project.

Decentraland [MANA] network growth and development activity

Source: Santiment

Although there was a surge in its 24-hour trading volume, MANA circulation was alarming at best. According to Santiment, the one-day circulation was 2.43 million at the time of writing. This indicated that only a few users had been transacting with MANA. But since the circulation did not spike, then there is no room for sell pressure.

However, there were some positives to consider from the on-chain condition. Notably, the 24-hour active addresses improved. As of 11 January, it was down at 881 but had increased to 1128 at press time.

Thus, there was a hike in the number of MANA senders and receivers. Nonetheless, it still could not balance Decentraland’s on-chain condition.

MANA circulation and 24-hour active addresses

Source: Santiment

How many are 1,10,100 MANAs worth today?

Commencement of the reversal?

The greens recorded by MANA in the last few days could falter in the coming days, as evidenced by the Relative Strength Index (RSI). At press time, the RSI was 71.22.

Having crossed the overbought zone, a retrace could be in place. Well, the potential stayed glaring as the RSI had begun trending downward at the time of writing.

Moreover, the Awesome Oscillator (AO) revealed that MANA could end up consolidating, as the interchanging green and red bars showed inconsistent momentum.

Decentraland [MANA] price action

Source: TradingView


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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