Decentraland (MANA) is one of the most promising metaverse-related blockchain projects. In recent months. The platform has gained a lot of press, not just from virtual gaming enthusiasts but also from institutional investors keen on riding the potential growth of the metaverse. As a result, MANA, the native token on Decentraland, has surged quite impressively. Here are some highlights:
At the time of writing, MANA was up nearly 15% in less than 24 hours
Analysts remain bullish on MANA as more institutional capital flows into metaverse related blockchain projects
Decentraland is also improving its virtual gaming experience to attract more and more users.
Data Source: Tradingview.com
Decentraland (MANA) – Price action and analysis
The metaverse buzz around Decentraland (MANA) has done well to inspire positive investor sentiment around the token. But the bullish run that saw the coin gain 15% in less than a day is just starting. Although at the time of writing, the coin was trading at $3.87, analysts see this uptrend continuing in the near term. Current estimates expect MANA to hit $6.50 by the end of this run.
However, the coin will need to sustain gains above its $3.17 resistance. Also, we have seen a trend among MANA bulls of taking profits when the price surges. If indeed this behaviour holds during this bull run, then we are likely to see wild price swings, with MANA projected to go as low as $2.75.
Should you buy Decentraland (MANA)
In case you are a big believer in the metaverse, then you must have Decentraland (MANA) in your portfolio. Besides, the platform has also been investing heavily in improving the virtual experience for users. It is likely that it will continue to attract more and more fans. The flow of institutional capital into MANA is also a good sign that the coin is headed in the right direction.