Can the formation of this Metaverse coalition finally do the trick for SAND, MANA

ambcrypto.com:

Leading tech companies including Microsoft,Nvidia, Meta, and Sony have come together with 31 other organizations to establish a Metaverse Standards Forum. The forum aims to “focus on pragmatic, action-based projects such as implementation prototyping, hackathons, plugfests, and open-source tooling to accelerate the testing and adoption of standards, while also developing consistent terminology and deployment guidelines.”

Since this announcement, the price of The Sandbox’s SAND tokens have registered a 47% uptick. Also, Decentraland’s MANA has seen a price uptick of 23% since 21 June. Simply put, the altcoins have seen some notable growth over the last five days. 

Before the announcement of the formation of the Metaverse Standards Forum, SAND maintained an index price of $0.86. Following the announcement, the price rallied by over 45% to be pegged at $1.28, at the time of writing. Within the same period, the altcoin’s market capitalization grew from $1.08 billion to $1.61 billion.

Source: Santiment

Furthermore, on the back of a 76% hike in trading volume over the last 24 hours, investors were spotted taking advantage of the growing price. 

Also, since the announcement on 21 June, the Relative Strength Index (RSI) and the Money Flow Index (MFI) for SAND have steadily tipped towards the overbought region. Indicating a significant bullish bias, the RSI and MFI were spotted at 58.93 and 72.73, at the time of writing.

In addition, green histograms have also been spotted on the MACD since 21 June, signifying a bull cycle’s commencement.

Source: TradingView

MANA, on the other hand, exchanged hands at $0.82 before the announcement on 21 June. The token’s price, however, grew steadily by 23% to mark a spot at $1.01 at press time.

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