Decentraland (MANA) Faces Crossroads as Whales Disregard SEC Threats

Decentraland ($MANA) price edged closer to $0.40 on Friday morning, bringing its weekly gains to 18%. On-chain data reveals an accumulation wave among a cluster of price-savvy millionaire whale investors. Will they trigger a $MANA price recovery mission?

Decentraland suffered a turbulent start to June 2023 after $MANA was caught in the crosshairs of the SEC’s lawsuit against Binance and Coinbase. However, it appears that $MANA whales are shaking off the negative sentiment as they began to make massive fresh investments this week.

Decentraland Whales Disgreard SEC Threats

Despite the SEC labeling $MANA a ‘security’ in recent lawsuits, a group of ‘millionaire’ whales have started buying the dip.

On-chain data shows that the whales holding balances of 10 million to 100 million $MANA bought another 36 million tokens between June 20 and June 23.

Decentraland ($MANA) Price Recovery, June 2023 | Crypto Whales Balances | Source: Santiment

At the current market price of $0.38, the whales’ fresh investment is worth over $13.6 million. When large institutional holders invest such a substantial amount within 72 hours, it means that they are confident in the $MANA’s price prospects.

Moreso, an accumulation wave among crypto whales can inspire retail investors to become bullish themselves. If the bulls remain in firm control, $MANA holders can flip the end of June on a positive note.

Bulls Are Piling Up More Orders

In confirmation of the bullish stance, the aggregate order books reveal towering buy-walls across top crypto exchanges.

As seen below, the bulls have placed orders to purchase 6.23 million $MANA tokens. Meanwhile, traders have only put up 4.49 million tokens for sale.

Decentraland ($MANA) Price Recovery, June 2023 | Aggregate Exchange Order Books | Source: IntoTheBlock

Typically, when the demand for assets exceeds supply, it puts upward pressure on price as buyers begin to compete.

As shown above, the $MANA buy-wall towers above the active sell-order by more than 1.74 million tokens.

If the bullish momentum heightens, the buyers could raise their bids to fill their orders quickly. This could inadvertently power $MANA’s price toward $0.50 in the coming weeks.

$MANA Price Prediction: Is $0.50 a Viable Target?

The factors mentioned above suggest that $MANA bulls are on a price recovery mission to reclaim $0.50. However, $MANA faces significant resistance around the $0.40 mark.

At that zone, 7,340 investors could sell some of their 38.47 million tokens once $MANA approaches their maximum purchase price of $0.40.

But, if the bullish $MANA whales can push past that resistance, it could rally toward the $0.50 milestone.

Decentraland ($MANA) Price Prediction, June 2023 | IOMAP, Source: IntoTheBlock

Yet, the bears could seize control again if $MANA’s price unexpectedly drops below $0.35. However, 4,220 investors that bought 42,72 million $MANA coins at the minimum price of $0.35 could prevent the drop.

But, if that support level caves, then $MANA could slide below $0.30 for the first time in 2023.