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On Friday morning, Decentraland‘s (MANA) price approached $0.40, raising its weekly gain to 18%. On-chain data reveals an accumulation wave among a cluster of price-curious millionaire whale investors. Will they trigger a MANA price recovery mission?
Decentraland Whales and the SEC
Decentraland began June 2023 tumultuously, with MANA being the target of lawsuits filed by the SEC against Binance and Coinbase. However, it seems that MANA whales have been shaking off the negative sentiment by starting to make large fresh investments this week.
Despite recent lawsuits by the SEC defining MANA as a ‘security’, a group of ‘millionaire’ whales started buying the dip. On-chain data indicates that whales with a balance of 10 million to 100 million MANA bought 36 million more tokens between June 20 and 23.
At the current market price of $0.38, the value of the whales’ new investments exceeds $13.6 million. The fact that large corporate owners have invested this substantial amount within 72 hours suggests they have confidence in MANA’s price expectations.
Furthermore, the accumulation wave among crypto whales could inspire retail investors to turn bullish as well. If the bulls maintain tight control, MANA owners could end June on a positive note.
Bulls Want to Buy Mana
To confirm the bulls’ movement, total order books reveal rising buy walls at the top crypto exchanges. As seen below, bulls had placed an order to buy 6.23 million MANA tokens. Meanwhile, traders had only listed 4.49 million tokens for sale.
Typically, when demand for assets exceeds supply, upward pressure on price is created as buyers start to compete. As shown above, the MANA buy wall is rising over the active sell order of 1.74 million tokens.
If bullish momentum increases, buyers could raise their bids to quickly fill their orders. This could inadvertently push MANA’s price towards $0.50 in the coming weeks.
The factors mentioned above suggest that MANA bulls are on a price recovery mission to reclaim $0.50. However, MANA faces significant resistance around $0.40.
In this region, 7,340 investors could sell part of their 38.47 million tokens as MANA approaches its maximum purchase price of $0.40. However, if the ascending MANA whales can overcome this resistance, they could rise towards the $0.50 turning point.
Nevertheless, if MANA’s price unexpectedly falls below $0.35, bears could regain control. However, 4,220 investors who bought 42.72 million MANA coins at a minimum price of $0.35 could prevent this decline. If this support level fails, MANA could fall below $0.30 for the first time in 2023.
