SAND, MANA, and AXS Prices Pump – Are Metaverse and Gaming Narratives Waking Up?

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.

Prices of metaverse and gaming tokens, including SAND, MANA, and AXS, surged over the weekend as narratives surrounding these sectors appeared to be waking up from a slumber.

While memes and artificial intelligence (AI) narratives have dominated the crypto bull run so far, other sectors that were hot in the 2021 bull run, such as metaverse and gaming, have yet to produce substantial gains for holders this cycle.

However, each narrative in the crypto space has its time, and we may just be witnessing the awakening of metaverse and gaming projects at the moment.

Weekend Rally Injects Life into Gaming Tokens

Some of the big names from this sector, such as SAND, MANA, and AXS, showed impressive momentum over the weekend.

The price of SAND surged by 53%, while MANA and AXS both rallied by 35% and 23%, respectively.

Crypto analyst Miles Deutscher highlighted this movement on his X (formerly Twitter) account, adding, “When do we run back the metaverse narrative? I still remember how ridiculously hot it was in 2021.”

When do we run back the metaverse narrative?

I still remember how ridiculously hot it was in 2021. pic.twitter.com/VhuWdIOaIE

Technical Analysis Shows Promising Signs

Examining MANA’s price chart, the token has been in a downtrend since its major 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.

Similarly, SAND has been in a downtrend since 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, although it’s still early to confirm a long-term change in direction.

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