Cryptocurrency MANA, having experienced a sharp decline after reaching its all-time high in 2021, may regain interest in the market. Analysts from Alphractal provide a fresh assessment of the situation.
Current Situation of MANA
MANA, one of the most popular altcoins during the 2021 bull market, reached an all-time high (ATH) of over $5. Since then, with the end of the bull market, its price has rapidly decreased to the $0.20 level.
Analysis of Key Metrics
Alphractal analysts noted that on-chain data suggests MANA is going through a prolonged period of capitulation. The Net Unrealized Profit/Loss (NUPL) metric reached its lowest level in April, likely signaling a strong bottom. Currently, MANA is trading at about $0.32, while its Unrealized Price is at $0.67. This level could act as a major resistance point for MANA.
Forecasts and Possible Outcomes
Analysts believe that breaking the $0.67 level could signal the start of strong bullish momentum and pave the way for a larger rally. Additionally, positive trends in the Realized Capital Impulse metric and the rising Delta Growth Rate indicate new money entering the network. Despite challenging times, positive signals on the charts may suggest a recovery for MANA.
Overall positive trends in MANA's blockchain metrics may indicate potential price growth in the future. Alphractal's analysis suggests that current price movements of MANA may continue to develop towards a bullish market.
