- Despite a hike in price, selling pressure remained high on SAND.
- Whale activity around The Sandbox was high.
The Sandbox [SAND] has showcased an impressive performance in the last 24 hours as its price rallied. If the latest data is to be considered, the uptrend might not stop anytime soon.
Thus, SAND might reach newer highs towards the tail end of 2023.
The Sandbox investors are enjoying profits
CoinMarketCap’s data revealed that SAND was up by nearly 30% in the last seven days. In the last 24 hours alone, the token’s value went up by 16%.
At the time of writing, SAND was trading at $0.6474 with a market capitalization of over $1.3 billion. Its trading volume also surged by 149%, acting as a foundation for the bull rally.
Interestingly, AMBCrypto had reported earlier that SAND was in a ‘depression’ state. Generally, the depression phase in the market comes around the end of a bear market.
SAND to reach new highs?
Things can get even better for The Sandbox, if the latest data is to be believed. Ali, a popular crypto analyst, recently posted a tweet highlighting that SAND presented a bullish opportunity above $0.55.
Also, it doesn’t have any key resistance zones in the near term.
#TheSandbox above $0.55 presents a bullish opportunity! With a clear path ahead and no major resistance, $SAND could aim higher.
The next critical resistance wall is between $0.90 and $1.35, where 23,000 addresses hold 447 million #SAND. pic.twitter.com/7vdS98DFTG
— Ali (@ali_charts) December 25, 2023
AMBCrypto’s analysis also reported similar findings. According to Hyblock, SAND witnessed high liquidations near the $0.53 mark, which acted as a support level. Moreover, no crucial resistance levels were noted before the $1 mark.
Source: Hyblock Capital
Though SAND’s daily and weekly charts were green, selling pressure remained high at press time. As per CryptoQuant’s data, SAND’s exchange reserve was increasing, which suggested high selling pressure.
AMBCrypto then took a look at Santiment’s data, which showed that SAND’s Supply on Exchanges had increased sharply in the recent past, while its Supply outside of Exchanges dropped.
Nonetheless, whale activity around the token remained high. Their confidence in SAND was up, as evident from the rise in the supply held by top addresses.
Source: Santiment
Realistic or not, here’s SAND market cap in BTC’s terms
To understand whether the uptrend would continue, AMBCrypto took a look at SAND’s daily chart. As per our analysis, The token’s Relative Strength Index (RSI) entered the overbought zone — a sign of increased selling pressure.
Its Chaikin Money Flow (CMF) also took a slight sideways path, possibly causing a few slow-moving days. However, the MACD remained in the buyers’ favor, as it displayed a clear bullish advantage in the market.
Source: TradingView
