Decentraland price fails to rally after $2.4 million sale of digital plot to Metaverse Group

Decentraland price hit a new all-time high two days ago. However, the metaverse token’s price plunged and failed to recover after selling the digital plot to Tokens.com. Analysts are bullish on Decentraland and expect a trend reversal. 

Analysts are bullish on a trend reversal in Decentraland price 

Decentraland price hit an all-time high at $5.85 in the metaverse token rally. The metaverse token’s price subsequently plunged, dropping nearly 25% from its all-time high within two days. 

The Metaverse Group, a real-estate company, focused on digital plots of land, spent $2.43 million on virtual real estate in Decentraland. The firm paid twice the asking price for the digital real estate. 

Despite a peak in interest from investors, Decentraland price has failed to recover from the drop. After posting 40% gains in the past two weeks, the metaverse token is struggling to make a comeback. 

Axie Infinity, a competitor in the blockchain gaming and metaverse ecosystem, witnessed a massive spike in price after the sale of its digital real estate. Proponents expected a similar turn of events in Decentraland; however, native asset MANA is nearly 25% away from its all-time high. 

Whale movements are indicative of a rise in interest from traders. A mysterious MANA whale recently moved 9 million tokens worth $40.3 million to an unknown wallet address. This is indicative of interest in the token. 

Ian Culley, a cryptocurrency analyst, evaluated the Decentraland price trend and set a target of $8.80 for the next leg up. 

Michaël van de Poppe, a cryptocurrency analyst and YouTuber, predicted that the MANA price could drop to $3.20 and present opportunities for long-term trades. The analyst recommends looking for scalping opportunities and expects Decentraland price to recover.