Metaverse mania? APE and MANA rally, but sustaining it will depend on

Sharing a statistically significant positive correlation with Bitcoin BTC, the rally in the king coin's price due to Federal regulators' decision to restore all deposits at Silicon Valley Bank (SVB) has resulted in price gains for Metaverse tokens like Apecoin APE and Decentraland MANA.

Timeline of Decentraland

Decentraland [MANA] broke below its consolidation range of $0.8254 – $0.6314 in early March, attracting aggressive selling afterward. At press time, the virtual reality blockchain platform's token struggled to maintain its half-dollar value.

Crypto analytics firm Santiment says that a huge whale transaction of Decentraland (MANA) could signal a big price swing for the Ethereum-based metaverse project. Santiment says a whale suddenly moved 256.31 million MANA worth about $190.2 million, one of the largest transactions the network has ever seen.

In a significant development for leading metaverse-based token Decentraland [MANA], one of the largest transactions of all time took place on its network during intraday trading session on 20 February.

2023 will be the year when metaverse crypto gaming pushes into inexorable growth, with the sector projected to grow by 70% year-on-year between 2023 and 2027 to more than $60 billion.

The fast-paced world of cryptocurrencies has spread its wings towards diverse sectors, such as the Metaverse and NFTs. Talking about Metaverse, Decentraland has been an ace player in the sector. To novices in the business, Decentraland is one of the efficient virtual reality platforms powered by the Ethereum blockchain.

If you bought Decentraland's MANA in December or earlier this month, then good for you. It has so far delivered an impressive performance until recently when it faced resistance at a key level.

In 2021, conversations held around the metaverse and virtual reality were at their peak, even in the cryptocurrency space. This heightened talk was one reason why tokens like Decentraland [MANA] and The Sandbox [SAND] reached considerable All-Time Highs (ATH).

A key indicator shared by cryptocurrency analytics firm Santiment that has been used to accurately time previous Bitcoin bear market bottoms is currently suggesting that two metaverse-focused altcoins, Decentraland ($MANA) and The Sandbox ($SAND) are “still undervalued.

Key Points: Three of the CEOs and creators of the virtual reality platform Decentraland are among the 50 largest Genesis creditors, the cryptocurrency lender that on Thursday filed for bankruptcy.

MANA is the native token of the Decentraland ecosystem which, as the time of writing, has seen growth enough to recoup losses post-FTX collapse. According to CoinGecko, the token is up 55% in the weekly timeframe with the biggest gains made during the monthly time frame at 105%.