- MANA signals strong potential for a bullish trend.
- MANA targets $0.58 after breaking the descending channel.
- Rising volume supports bullish momentum despite a drop in open interest.
Decentraland (MANA) has broken out of its third straight descending channel, signaling a potential trend reversal. Despite a 1.26% daily dip, the token is trading at $0.3076, up 11.24% over the past week.
At the time of writing, MANA’s 24-hour trading volume stands at $35.11 million, down 1.66%, with a market capitalization of $605.93 million. The daily dip appears to be part of a short-term correction after a larger bullish breakout.
MANA Third Descending Channel Breakout Signals Reversal
Crypto analyst Jonathan Carter has flagged a significant development on MANA’s daily chart: a confirmed breakout from its third consecutive descending channel.
This chart pattern, often associated with downward price pressure, has now been broken to the upside, typically a strong signal of trend reversal.
What makes this breakout more convincing is the spike in trading volume, indicating strong buyer participation. Historically, MANA has formed bullish breakouts from similar patterns, including a large falling wedge earlier this year.
Key price support has consistently held between $0.215 and $0.230, and with the price now pushing above $0.30, the path toward higher resistance levels appears clearer.
Jonathan Carter’s technical analysis points to upper targets at $0.35, $0.44, and $0.58. One would expect a quick correction back into the $0.30–$0.32 range in the near term, but until the RSI breaks above the overbought level, there still seems to be further upside available.
Also Read: Decentraland (MANA) Price Drops, Aptos (APT) Price Increases, Orbeon Protocol (ORBN) Thrives
Market Sentiment Remains Mildly Positive
CoinGlass data shows that the market outlook is mixed but leaning optimistic. Trading volume has jumped 11.84% to $45.65 million, signaling renewed interest.
However, open interest, the total number of outstanding futures contracts, has slipped 2.22% to $54.78 million, which may suggest some traders are locking in profits or reducing leverage.
Despite this, the OI-weighted sentiment remains slightly positive at 0.0096%, showing that market participants lean mildly bullish.
Analysts suggest that MANA could enter a consolidation phase before its next big move, as interest remains steady but cautious.
If bullish sentiment continues, MANA’s latest breakout could open up longer rally possibilities, perhaps to around $0.58 in the near term.
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