As metaverse tokens Sandbox (SAND) and Decentraland (MANA) exhibit indications of recovery amid a large increase in NFT sales volumes, the cryptocurrency market is a flurry of activity. In keeping with the general surge in the cryptocurrency market, this event suggests a resurgence of interest in the non-fungible token (NFT) field.
NFTs Report $158 Million in Weekly Sales
Weekly sales in the NFT sector have increased to $158 million, indicating a recovery. This constitutes a notable 41.14% growth from early November, when sales were $93 million, even though it represents a 13% drop from the $181 million of the previous week.
Bitcoin’s upward momentum towards a potential $100,000 milestone is driving the rising sales volumes, which represent renewed investor confidence.
A renewed emphasis on MANA and SAND
The focus has switched to metaverse tokens like Sandbox (SAND) and Decentraland (MANA), which have both seen significant gains, as NFTs gain traction again.
SAND Aims for Continued Growth Above $1
Before levelling off at $0.772 at the time of writing, SAND’s price rose from a daily low of $0.5183 to $0.84, representing a weekly gain of more than 110%. A bullish “god candlestick,” indicating an upward trend, was generated by this enormous increase.
SAND’s trading volume skyrocketed from $200 million to $5.39 billion, indicating increased interest from traders. Between $0.8198 and $0.8993, the token is presently testing a crucial resistance zone. SAND may rise further if bulls are able to break above this barrier, maybe reaching the 200-day moving average at $1.02, which would represent a 32% increase from the current levels.
MANA Is Watching for a $1 Breakout
Decentraland (MANA) enjoyed increases as well, rising 4% in a single day to $0.6818. The resistance level at $0.7027, which has traditionally limited the token’s progress over the previous two years, is being challenged.
MANA’s Ichimoku cloud analysis indicates that its negative trend is about to a close, which is encouraging. The coin may overcome the obstacle of $0.7027 and reach the $1 mark if upward momentum continues.
The Bigger Picture: The Coming Altcoin Season
SAND and MANA’s recent results are consistent with the altcoin season, which is when alternative cryptocurrencies are predicted to develop at a parabolic rate. The recovery of metaverse tokens and the spike in NFT sales may portend a strong comeback for the entire cryptocurrency ecosystem in the upcoming months.
The robust performance of both tokens highlights the increasing interest of investors in NFTs and the metaverse, underscoring their potential as important participants in the upcoming stage of the development of the cryptocurrency market.
