Top cryptocurrencies maintained their volatile movement as metaverse tokens such as Decentraland and The Sandbox traded at yearly low price levels.
Metaverse coins and tokens have been following the larger market’s trend, mostly trading within a bearish trend line. Decentraland (MANA) and Sandbox (SAND), two of the top metaverse tokens, were trading at yearly low prices.
While price action gave a grim outlook, for both SAND and MANA, their on-chain metrics flashed some major changes. However, what direction price action takes from here still remains to be seen.
Decentraland (MANA) Whales Moving Holdings
MANA price traded at $0.4587, at the time of writing, down 92.15% from its all-time high made in Nov. 2021. While price action was largely bearish, some positive news came from MANA whales that moved their holdings to their wallet.
An update from whale alert highlighted that 12,000,000 MANA tokens, worth $5.29 million, were transferred from Kraken to an unknown wallet.
Data from Santiment showed certain anomalies in a few on-chain metrics for Decentraland at the time of writing. Active deposits saw a massive spike on Nov. 13, but then started to decline. A spike in active deposits usually points towards market sell-offs and is a bearish signal.
That said, Age Consumed metric for MANA also noted a major spike, with over 25 billion MANA moving on-chain.
Decentraland saw a sudden spike and quick fall in daily active addresses, despite network growth still being high.
MVRV ratio seven-day for MANA suggested a slight recovery, but the token was still undervalued. MVRV seven-day presented some relief for MANA, but showed that the road to recovery was still afar.
The rise in active deposits and fall in daily active addresses was a bearish deviation, from which recovery could be key for the Decentraland price.
The Sandbox (SAND) Holders Pushing Price?
As for Sandbox, much like its counterparts, the token was in a larger bearish trend line. SAND price was down 92.76% from its all-time high.
At the time of writing, The Sandbox saw a major spike in Exchange Inflows, which could be indicative of lower investor confidence in the token.
Furthermore, Age Consumed for SAND showed that over 11 billion tokens were moved on Nov. 10, which aided the bearish price momentum.
Data from IntoTheBlock’s In and Out of Money Around Price (IOMAP) Indicator presented that if the price falls below the $0.59 level, there isn’t much support that could hold price action. At the $0.59 level, 5,800 addresses hold over 22 million SAND and can act as strong support for the price.
For now, the on-chain health of The Sandbox seems more or less shaky, however, in case of a bearish invalidation price could rise to $0.62.
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