The post Will the MANA Crypto Price Rally End After a 70% Weekly Surge? appeared on BitcoinEthereumNews.com.

MANA, Decentraland’s native cryptocurrency, has seen an impressive 70% price increase over the past week. This MANA crypto price surge is part of a broader rally in Metaverse-related tokens, which has caught the attention of the market. While the development might have surprised some, a closer look by BeInCrypto provides insights into the catalysts behind this movement. This on-chain analysis looks at what could be next for the token.  Decentraland Active Addresses, Volume Reach New Heights The recent rally in MANA crypto price can be attributed to a significant increase in the token’s active addresses, which indicates heightened user interaction on the blockchain. Interestingly, this also matches the condition of The Sandbox (SAND), which was also one of the frontrunners of the Metaverse revival. Active addresses measure the number of unique users successfully completing transactions. A rise in this metric signals increased engagement with the network, which is often considered bullish for a cryptocurrency. Conversely, a decline implies reduced traction, which is typically seen as bearish. On November 20, MANA’s active addresses were around 810. Fast-forward a few days, and this figure has surged nearly fivefold, reflecting a growing interest in the token. This spike in activity likely provided the momentum for MANA’s price to climb from $0.40 to $0.70 — the highest level since March. Decentraland Active Addresses. Source: CryptoQuant Following the development, Santiment data showed that MANA’s volume climbed to $1.57 billion. Volume represents the total value of a specific cryptocurrency traded over a defined period. This metric reflects a coin’s level of activity and liquidity. A high trading volume indicates notable buying and selling, which often suggests strong market participation. On the other hand, low volume may signify reduced activity, leading to weaker market interest. Therefore, the hike in the token’s volume validated the signs shown by…

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Filed under: News - @ November 25, 2024 9:26 am