Decentraland soars 73% to pre-FTX crash level

Decentraland (MANA) has posted a strong performance over the past week, growing 73% to $0.7090 at the time of publication. This is just below MANA’s pre-crash FTX price of $0.7137.

Since Jan. 8, the total crypto market capitalization has grown substantially, adding $156 billion to trigger a surge in token prices across the board.

During this period, of the top 100 projects, Aptos experienced the most significant price growth, up 77%, followed by Decentraland, with Helium coming in third with 54% gains.

Although the limited data set does not confirm the end of this bearish cycle, there is no doubt that these tentative bouts of recovery have renewed optimism for the coming year.

Decentraland looks strong

Having hit a local bottom of $0.2858 in December 2022, Decentraland has been trending higher ever since.

The rally resulted in a 34% higher swing on January 13 before closing the day slightly lower. Each subsequent day has resulted in significant swings higher, culminating in a price top just below FTX’s pre-crash level today (Jan 16).

However, the daily candlestick pattern on January 16 has printed a small candlestick body with a long upper and lower wick, indicating market indecision at the current price.

Source: MANAUSDT on TradingView.com

Nonetheless, the +156% peak-to-trough move, along with 14 of the last 17 daily closes in the green, is evidence of the market’s confidence in the project and the Metaverse concept in general.

fundamental developments

decentraland recently tweeted “Game, set, match!” on AOMetaverse, which refers to experiencing the Australian Open tennis tournament on Metaverse.

The Australian Open will take place from January 16 to 29 at Melbourne Park and will consist of singles, doubles and mixed doubles matches, including juniors and wheelchair professionals.

Matches can be viewed at Decentraland via large screens, similar to real-world fan parks but in the Metaverse. Users can also interact through the “New AO Tennis Club” and “Beach Bar” and participate in challenges as part of the AOMetaverse experience.

Similarly, recent weekly GitHub Activity placed Decentraland as the sixth most active blockchain, with 337 confirmations.

This trails Polkadot/Kusama, Cardano, Status, Filecoin, and Cosmos at 514, 479, 399, 398, and 340, respectively. But ahead of Ethereum, which is in 10th place with 238 confirmations.

At press time, Decentraland is ranked 39th by market cap and MANA price is down 1.2% during the last 24 hours. MANA has a market capitalization of $1.29 billion with a 24-hour trading volume of $949.45 million. Learn more >

MANAUSD Chart by TradingView

Decentralized and on-chain analysis

Market overview

At press time, the global cryptocurrency market is valued at $985.24 billion with a 24-hour volume of $51.01 billion. Bitcoin dominance is currently at 41.20%. Learn more >