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Highlights
- The Sandbox coin hints at a major trend reversal and a price offer decisive breakout from an inverted head and shoulders pattern.
- The MANA price sustainability above $0.6 support could pay the way for a 30% surge.
- A decisive breakout from a year-long downtrend on the daily chart positions GALA for a potential 25% gain.
Crypto Price Prediction: The cryptocurrency market is riding on accelerated bullish momentum, following the lead of Bitcoin price. This leading digital asset showcased a sharp surge from $50600 to $62000 as spot BTC ETF experienced record high volume earlier this week.
In the latest update on Bitcoin ETF flows as of February 29, 2024, the market witnessed significant activity with a net positive flow of $92 million for the day. Notably, two major players, Blackrock and Grayscale Bitcoin Trust (GBTC), showcased contrasting movements, each registering a substantial $600 million flow but in opposite directions, effectively offsetting each other’s impact on the market.
This smart trader seems bullish on the #GameFi trend!
In the past 7 hours, he/she withdrew $3.93M in 3 #GameFi assets from #Binance:
• 36.88M $GALA ($1.49M)
• 2.43M $SAND ($1.43M)
• 1.63M $MANA ($1.01M)Notably, this trader realized a total profit of $4.08M from $PEPE and… pic.twitter.com/wOjWTC06sF
— Spot On Chain (@spotonchain) March 1, 2024
As Bitcoin price shows sustainability above $60k psychological level, the Gamefi tokens like SAND, MANA, and GALA have prolonged their recovery and showcased double-digit gains since yesterday.
In a recent development highlighted by the on-chain data tracker Spotonchain, a savvy trader demonstrated a bullish stance by withdrawing a total of $3.93 million in three prominent GameFi assets from Binance over the past 7 hours.
The transactions included 36.88 million GALA tokens valued at $1.49 million, 2.43 million SAND tokens worth $1.43 million, and 1.63 million MANA tokens amounting to $1.01 million.
Also Read: Crypto Prices Today: Bitcoin At 61K, Ethereum Drops To 3300 As Solana & XRP Gain
Sandbox Price V-Shaped Recovery Signals Bullish Momentum Towards $1.03
SAND, the utility token of the Sandbox’s versatile ecosystem expressed a strong bullish stance in February aligned with broader market sentiment. From the last swing of $0.417, the coin price showcased a V-shaped recovery to $0.63 registering 50%.
Moreover, an analysis of the daily chart shows this upswing assisting in the development of a bullish reversal pattern called inverted head and shoulder. This chart commonly appears at the end of a downtrend, indicating an early sign of price bottoming.
With an intraday gain of 3.5%, the Sandbox price teased a bullish breakout from the pattern’s neckline resistance. A successful breakout will further intensify the recovery momentum and bolster the buyers to chase a potential target of $1.03.
Also Read: Whale Dumps 2T Pepe Coin Amid Shiba Inu Hype, PEPE Price Dip Ahead?
Decentraland Price Breaks Major Resistances to Chase $0.84
Amid the intense bullish trend in the crypto market, the MANA price has projected consistent growth since last week. From the February 24th low of $0.476, the coin price surged 38% to trade at $0.65 currently.
This upright rally breached some key resistance such as a year-long resistance trendline and the swing high of $0.60. This breakout signals a major trend shift in Decentrland token price and the initiation of a sustainable recovery.
If the MANA price manages to hold above the recently reclaimed $0.6 level, the buyers may chase the next potential target of $0.7, followed by $0.84.
Also Read: Crypto Market Analysis As Metaverse Tokens Regain Momentum: THETA, MANA, APE
Is the GALA Price Ready to Surpass $0.05?
GALA, the native token of the Ethereum-based gaming ecosystem Gala Games entered an aggressive recovery trend from February’s second week when the price rebounded from $0.02 support. The positive turnaround propelled the altcoin 92% to current exchange hands at $0.039.
Amid the recovery trend, Gala Games announces a pivotal development in the GalaChain ecosystem with the launch of GalaSwap, a new platform designed for secure, peer-to-peer token trading. Currently, GalaSwap supports trading for seven tokens, including $GALA, $MTRM, $SILK, $USDT, and $GWETH, among others, marking a significant expansion of GalaChain’s offerings and utility.
The #GalaChain ecosystem enters a new era✨
Introducing #GalaSwap your gateway to secure, peer-to-peer token trading on GalaChain.
7 tokens are live including $GALA $MTRM $SILK $USDT $GWETH and others.
Start swapping on GalaSwap♻️ https://t.co/QYRzWv8U1I pic.twitter.com/GSfLdkdL91
— Gala Games (@GoGalaGames) February 27, 2024
Moreover, the daily chart shows, that the GALA price gave a decisive breakout from a resistance trendline carrying a downtrend for over a year. Sustaining this breakout should bolster buyers with suitable support to regain the $0.05 level, accounting for a 25% potential gain.
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