SAND could see an extended rally unless these holders change course

1 year ago 96
  • SAND apt to proceed its ascent courtesy of sustained demand.
  • The terms levels investors should see for short-term profit-taking.

The metaverse and NFT projects whitethorn acquisition renewed involvement successful 2023 and hence the request to look into their potential. One specified task is The Sandbox which precocious made a major development-related update.

But much importantly, its autochthonal token SAND kicked disconnected this period connected an optimistic note.

Are your holdings flashing green? Check the SAND nett calculator

A caller WhaleStats alert revealed that SAND concluded the week by joining the database of apical 10 astir purchased tokens by ETH whales. This was observed successful the past 24 hours astatine property clip and it highlighted the existing request that has propelled SAND successful the past fewer days.

JUST IN: $SAND @TheSandboxGame present connected apical 10 purchased tokens among 100 biggest #ETH whales successful the past 24hrs 🐳

Check the apical 100 whales here:

(and hodl $BBW to spot information for the apical 5000!)#SAND #whalestats #babywhale #BBW

— WhaleStats (tracking crypto whales) (@WhaleStats) January 7, 2023

The surge successful ETH whale request is rather an absorbing reflection considering SAND’s latest performance. The token pulled disconnected a 24% rally successful the archetypal week of January.

The request from ETH whales accrued the chances of SAND extending its bullish momentum into different week. But this imaginable mightiness beryllium dampened by imaginable profit-taking arsenic the terms approaches profit-taking zones.

 Playing successful the SAND

SAND traded astatine $0.45 astatine property clip and an extended upside whitethorn propulsion SAND towards the $0.50 range. The second could beryllium taken arsenic an important terms portion for the token due to the fact that it volition travel into interaction with the 50-day Moving Average.

The terms volition besides beryllium wrong the 50% Relative Strength Index (RSI) level if not above. This retest is much apt to boost the likelihood of short-term profit-taking, and frankincense the anticipation of a bearish retracement.

SAND terms  action

Source: TradingView

The buying unit from ETH whales whitethorn boost capitalist sentiment and enactment an extended rally. In addition, The Sandbox precocious announced its upcoming motorboat of a caller metaverse crippled called Game Maker 0.8. This announcement whitethorn person besides contributed to a favorable capitalist sentiment.

A archetypal glimpse into 𝐆𝐚𝐦𝐞 𝐌𝐚𝐤𝐞𝐫 𝟎.𝟖… 👀

🎮 New multiplayer gameplay features
🔦 New lighting & ocular effect features
🚨 Video & audio streaming
⚔️ Equipment & wearable enactment successful societal hubs

Coming soon!

Deeper dive 👇🧵

— The Sandbox (@TheSandboxGame) January 5, 2023

Can SAND prolong its bullish momentum?

SAND’s quality to proceed rallying yet depends connected whether it tin garner capable demand. Its proviso organisation metric reveals that astir of the apical code categories are inactive contributing to bullish pressure.

This reflection supported the anticipation of a continued bullish momentum.

SAND proviso   distribution

Source: Santiment

A 209.93x hike connected the cards if SAND hits ETH’s marketplace cap

There are different signs supporting the aforesaid outcome. For example, the proviso held by apical addresses precocious registered a sizable uptick, confirming that whales person been buying. Also, The Sandbox kicked disconnected January with a surge successful improvement activity.

SAND improvement  enactment   and proviso   held by apical  addresses

Source: Santiment

These observations whitethorn further fortify capitalist sentiment successful favour of the bulls. Nevertheless, investors should support an oculus retired connected the aforementioned take-profit zones.

Michael is simply a full-time writer astatine AMBCrypto. He has 5 years of acquisition successful concern and forex and much than 2 years arsenic a writer successful the crypto and blockchain segments. Michael's penning astatine AMBCrypto is chiefly focused connected cryptocurrency marketplace quality and method analysis. His interests see motorcycles and exotic cars.

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