Memes and AI narratives have taken the show in this bull run. Some sectors that were hot in the 2021 bull run, such as metaverse and gaming, haven’t produced big gains for holders so far in this cycle.
However, every narrative in crypto has its own time, and we might just be witnessing the awakening of metaverse and gaming projects right now.
What you'll learn 👉
Weekend Rally Brings Life to Gaming Tokens
Some of the big names from this sector such as SAND, MANA, and AXS are showing impressive momentum this weekend.
The SAND price pumped 53%, while MANA and AXS pumped 35% and 23% respectively.
Crypto analyst Miles Deutscher highlighted this movement on his X (formerly Twitter) account, noting: “When do we run back the metaverse narrative? I still remember how ridiculously hot it was in 2021.”
Technical Analysis Shows Promising Signs
Looking at MANA’s chart, the token has been in a downtrend since its significant spike in late 2021. After consolidating around the $0.30 support zone throughout 2023, MANA is now showing signs of life with a sharp increase to $0.67. This move has pushed the price above key moving averages, potentially signaling a shift in momentum.
SAND has followed a similar pattern, declining from its all-time high of over $7.50 in late 2021. After finding support at $0.30, SAND has now broken above key resistance levels and is trading at $0.61. While still within a larger bearish structure, this recent rally suggests increasing buying pressure.
Both tokens are attempting to form a base above their recent consolidation zones, with potential resistance levels around $0.80-$1.00 for MANA and $0.50-$1.00 for SAND. The movement above key moving averages could indicate a possible trend reversal, though it’s still early to confirm a long-term change in direction.
Read also: Is Stellar (XLM) Price About to Skyrocket? Analyst Predicts a Massive Bull Run!
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