Metaverse Tokens SAND and MANA Experience Significant Price Increases Amid NFT Recovery
Amidst a broader recovery in the non-fungible token (NFT) niche, metaverse tokens such as The Sandbox #SAND and Decentraland #MANA have seen an uptick. Data from CryptoSlam indicates that the digital collectible sector recorded approximately $158 million in sales volume over the past week, down 13% from $181 million the previous week.
This figure exceeds early November values, where NFTs secured only $93 million in weekly sales volume between November 4 and 10. The current $158 million represents a 41.14% increase compared to that level and surpasses sales figures from October and earlier months.
Massive Price Gain for The Sandbox and Decentraland
Investors have shifted attention to SAND and MANA following market rebounds. In the last 24 hours, SAND experienced an 18.75% price increase, reaching $0.7543, up from a low of $0.5183 to a high of $0.84 before slightly declining. This token has surged 110.32% weekly, indicating a strong bullish signal.
SAND’s trading volume rose by 206.47%, increasing from around $200 million to $5.28 billion in 24 hours, reflecting heightened trader engagement. With a market cap of $1.82 billion, SAND ranks as the 62nd largest cryptocurrency.
MANA increased by 1.69% in the past 24 hours to $0.6866, marking a weekly spike of 67.29%. Its trading volume also grew by 61.95% in 25 hours, as traders show confidence in the token. MANA has previously encountered resistance at $0.7027 but is currently testing this level.
Analysis using the Ichimoku Cloud suggests the bearish trend for Decentraland has ended, with potential consolidation around current prices. Should bullish sentiment strengthen, MANA may establish the $0.7 mark as support. Analysts project it could reach the $1 price level in the long term.
Future of SAND and MANA
The outlook for The Sandbox and Decentraland indicates a significant recovery from historical lows. Despite these advancements, both tokens may still experience considerable dips. Currently, the broader cryptocurrency industry benefits from substantial gains, with Bitcoin #BTC leading the way.
However, NFT market weekly sales remain significantly below the all-time high (ATH) of over $2.2 billion recorded from August 23 to August 29, 2021. The demand for NFTs has yet to return to those previous levels, leaving the sector in a challenging position.