Journalist
Posted:
- SAND witnessed a massive surge in liquidations around $0.64.
- SAND fell over 6% and most market indicators remained bearish.
The sandpit [SAND] has had a promising bull rally over the past 30 days, with the stock rising 40%. However, things have turned sour in the past 24 hours as the price fell by more than 6%.
At the time of writing, SAND was trade at $0.5962 with a market cap of over $1.2 billion.
Regardless, the token witnessed a surge in transactions at the time of writing. But will it be enough for SAND to restart its bull rally?
What went wrong with The Sandbox?
AMBCrypto had before reported that SAND had no major resistance zones in prospect, but the unpredictability of the crypto space had other plans.
Therefore, we looked at The Sandbox liquidation levels to see when the token witnessed high sell-offs.
According to AMBCrypto’s analysis via Hyblock, the liquidation rose sharply around $0.64, after which the token’s price fell and moved sideways. Investors should therefore keep an eye on this level.
Source: Hyblock Capital
Whale activity around SAND is increasing
Even as the price of the token witnessed a correction, it registered a massive increase in the number of large transactions.
Ali, a popular crypto analyst, recently posted a tweet highlighting that there has been a marked increase in SAND transactions over $100,000, mainly made by institutional investors.
#The sandpit | There has been a clear increase in the number over the past 24 hours $SAND transactions over $100,000. This uptick indicates increasing interest from institutional players and whales #SANDoften a precursor to notable price spikes. pic.twitter.com/f3gWh1WHuS
— Ali (@ali_charts) December 26, 2023
AMBCrypto also looked at Santiment’s data to see if the whales were buying SAND at the time of writing. According to our analysis, the supply of top addresses has increased in recent days.
Interestingly enough, according to Whale statisticsThe Sandbox ranks fifth on the list of Ethereum’s top 100 cryptos [ETH] whales had purchased in the past 24 hours.
Source: Santiment
Although the whales showed confidence in it SANDthe market as a whole did not share a similar sentiment. The supply of SAND on the exchanges increased sharply, while the supply outside the exchanges plummeted.
This meant that selling pressure on SAND was significantly high at the time of the report.
Realistic or not, here it is SAND market cap in terms of BTC
To better understand what to expect from SAND, AMBCrypto checked the daily chart. We found that both the Chaikin Money Flow (CMF) and the Relative Strength Index (RSI) registered a decline at the time of writing.
These statistics showed an increased likelihood of a continued downward trend. However, the MACD remained in favor of buyers as it showed a bullish crossover during this period.
Source: TradingView
