“It’s hard not to be bullish about MANA, says analyst”
- The token is recording double-digit gains as investors anticipate a major move in the metaverse sector.
- MANA price is up roughly 34% for the day and more than 260% over the past two weeks.
Decentraland (MANA), the Ethereum-based virtual reality platform, has captured renewed market attention amid growing interest in metaverse projects. The token jumped more than 34% in a single day even as larger cryptocurrencies such as Bitcoin and Ethereum saw downward pressure.
Over the past two weeks, MANA has climbed roughly 260%, and it has gained nearly 350% across the last 30 days. Such a rapid ascent increases the likelihood of short-term profit taking that could trim some of the weekly gains after pushing prices near $3.45.
Despite the possibility of a pullback, some analysts see substantial additional upside for MANA. One commentator suggested the token could rally as much as 300% again and reach new all-time highs if bullish momentum continues.
“It’s hard not to be bullish on $MANA,” wrote analyst Ali Martinez on Twitter.
Martinez outlined a bull-flag pattern in MANA’s price action and identified two upside targets in the event of a breakout. He emphasized that patience will be important for investors seeking to capitalize on the move.
“With all the metaverse talk from Facebook, Microsoft and Disney, among others, Decentraland has significant upside potential. But it’s about patience. Two targets that come to mind for MANA are $4.85 and $15,” the analyst noted.
The token was trading around $3.33 at the time of reporting, according to CoinGecko. Further upside is possible if bulls can push prices above key resistances at $3.50 and $4.00. On the other hand, MANA is likely to retain a positive backdrop so long as buyers defend the $3.00 level; a breakdown below that area could lead to retests of $2.75 and $2.50.
Decentraland’s recent surge follows renewed investor interest tied to major metaverse-related announcements from large tech and entertainment companies. The rally also came after last month’s successful Metaverse Festival, which attracted attention and engagement within the Decentraland ecosystem.