Decentraland (MANA) price edged closer to $0.40 on Friday morning, bringing its weekly gains to 18%. On-chain data reveals an accumulation wave among a cluster of price-savvy millionaire whale investors. Will they trigger a MANA price recovery mission?
Decentraland suffered a turbulent start to June 2023 after MANA was caught in the crosshairs of the SEC’s lawsuit against Binance and Coinbase. However, it appears that MANA whales are shaking off the negative sentiment as they began to make massive fresh investments this week.
Decentraland Whales Disgreard SEC Threats
Despite the SEC labeling MANA a ‘security’ in recent lawsuits, a group of ‘millionaire’ whales have started buying the dip.
On-chain data shows that the whales holding balances of 10 million to 100 million MANA bought another 36 million tokens between June 20 and June 23.
At the current market price of $0.38, the whales’ fresh investment is worth over $13.6 million. When large institutional holders invest such a substantial amount within 72 hours, it means that they are confident in the MANA’s price prospects.
Moreso, an accumulation wave among crypto whales can inspire retail investors to become bullish themselves. If the bulls remain in firm control, MANA holders can flip the end of June on a positive note.
Bulls Are Piling Up More Orders
In confirmation of the bullish stance, the aggregate order books reveal towering buy-walls across top crypto exchanges.
As seen below, the bulls have placed orders to purchase 6.23 million MANA tokens. Meanwhile, traders have only put up 4.49 million tokens for sale.
Typically, when the demand for assets exceeds supply, it puts upward pressure on price as buyers begin to compete.
As shown above, the MANA buy-wall towers above the active sell-order by more than 1.74 million tokens.
If the bullish momentum heightens, the buyers could raise their bids to fill their orders quickly. This could inadvertently power MANA’s price toward $0.50 in the coming weeks.
MANA Price Prediction: Is $0.50 a Viable Target?
The factors mentioned above suggest that MANA bulls are on a price recovery mission to reclaim $0.50. However, MANA faces significant resistance around the $0.40 mark.
At that zone, 7,340 investors could sell some of their 38.47 million tokens once MANA approaches their maximum purchase price of $0.40.
But, if the bullish MANA whales can push past that resistance, it could rally toward the $0.50 milestone.
Yet, the bears could seize control again if MANA’s price unexpectedly drops below $0.35. However, 4,220 investors that bought 42,72 million MANA coins at the minimum price of $0.35 could prevent the drop.
But, if that support level caves, then MANA could slide below $0.30 for the first time in 2023.
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