Decentraland (MANA) price has been in a freefall since reaching its 2023 peak of $0.80 on February 8. However, on-chain data suggests that MANA could now be due for a bullish reversal. But do the bulls have enough in the tank to validate the positive MANA price prediction?
After nearly a month in a retracement, the unrealized loss of Decentraland (MANA) holders is now approaching critical levels. Notably, their unrealized losses only previously surpassed 20% of the USDC depeg event in March and the infamous FTX crash last year.
As holders grow reluctant to sell at current prices, here’s how it could trigger a bullish price reversal.
MANA Holders Could Be Reluctant To Sell
As things stand, most investors that bought MANA within the past month are now 21% underwater. When MVRV declines to such unusual levels, holders may stop selling to avoid further losses.
The MVRV
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Author: Ibrahim Ajibade
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