SAND predictions go for a toss as price drops by 6% in 24 hours
- SAND witnessed a massive hike in liquidation near the $0.64 mark.
- SAND was down by over 6%, and most market indicators remained bearish.
The Sandbox [SAND] experienced a promising bull rally over the last 30 days as its price rallied by 40%. However, things turned sour in the last 24 hours, as its price sank more than 6%.
At the time of writing, SAND was trading at $0.5962 with a market capitalization of over $1.2 billion.
Regardless, the token witnessed a rise in its number of transactions at press time. But will it be enough for SAND to restart its bull rally?
What went wrong with The Sandbox?
AMBCrypto had earlier reported that SAND did not have any key resistance zones ahead of it, but the unpredictability of the crypto space had other plans.
Therefore, we took a look at The Sandbox’s liquidation levels to see when the token witnessed high sell-offs.
As per AMBCrypto’s analysis via Hyblock, liquidation increased sharply near the $0.64 mark, after which the token’s price went down and moved sideways. So, investors must keep an eye on this level.
Whale activity around SAND is rising
Even as the token’s price witnessed a correction, it registered a massive hike in large transactions.
Ali, a popular crypto analyst, recently posted a tweet highlighting that in the last 24 hours, there’s been a marked increase in SAND transactions of over $100,000, made primarily by institutional investors.
#TheSandbox | In the last 24 hours, there's been a marked increase in $SAND transactions over $100,000. This uptick indicates rising interest from institutional players and whales in #SAND, often a precursor to notable price spikes. pic.twitter.com/f3gWh1WHuS
— Ali (@ali_charts) December 26, 2023
AMBCrypto also took a look at Santiment’s data to see whether the whales were buying SAND at press time. As per our analysis, the supply held by top addresses increased over the last few days.
Interestingly, as per Whalestats, The Sandbox ranked fifth on the list of cryptos that the top 100 Ethereum [ETH] whales had purchased over the last 24 hours.
Though the whales showed confidence in SAND, the market at large did not share a similar sentiment. SAND’s Supply on Exchanges increased sharply, while its Supply outside of Exchanges plummeted.
This meant that selling pressure on SAND was considerably high at the time of the report.
Realistic or not, here’s SAND market cap in BTC’s terms
To better understand what to expect from SAND, AMBCrypto checked its daily chart. We found that both its Chaikin Money Flow (CMF) and Relative Strength Index (RSI) registered downticks at press time.
These metrics showed increased chances of a continued downtrend. However, the MACD remained in buyers’ favor, as it displayed a bullish crossover during this period.