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SAND: Positive price action, but is that really the full story

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Source: Unsplash

In the last 24 hours, the global cryptocurrency market capitalization registered a 5% uptick as several crypto assets posted gains. Sandbox’s native token, SAND, was amongst the leading assets that saw an upward rally in price within this period. According to data from CoinMarketCap, the price of the leading metaverse token grew by 15% within the previous 24 hours.

Here is what you need to know about the token’s performance in the last 24 hours.

‘SAND’y gains

As of 4 July, the trading session commenced with the price per SAND token pegged at $1.058. However, with the general cryptocurrency market overwhelmed by a bullish bias, the SAND token embarked on an uptrend.  Exchanging hands at $1.20 at press time, the price per SAND token grew by 15%. Within the same period, the token’s market capitalization also rallied by 13%. It was pegged at $1.51 billion at press time. 

Investors were spotted taking advantage of the upward price rally as the token’s trading volume rose by over 120% in the last 24 hours. Significant accumulation of the SAND token was underway at the of writing, as the Money Flow Index (MFI) marked a spot at 74.48. Found in an upward trend, the Relative Strength Index (RSI) stood at 54.98 at the time of press. The positions of these critical indicators revealed significant buying pressure within the last 24 hours. 

Source: TradingView

Wait, there is more 

As per data from Santiment, the token saw some growth in key metrics in the last 24 hours. At press time, the exchange flow balance posted a positive value of 1.41 million. As of 4 July, this metric marked a spot at negative 609.92k. This change showed that in the last 24 hours, a significant volume of SAND tokens was sent into exchanges than were taken out. In situations like this, a further uptick in price is imminent.

Source: Santiment

However, while a further price boom might be underway, a closer look revealed a decline in the number of unique addresses transacting the SAND token. Within the last 24 hours, this has dropped by 68%. 

Furthermore, the number of new addresses created on the SAND network registered a 22% decline within the period under review.

Source: Santiment

The count for whale transactions also declined in the last 24 hours. For transactions transferring over $100k, a 44% drawdown was recorded. While for whale transactions above $1 million, this declined by 100% in the last 24 hours.

Source: Santiment

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Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.

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