- SAND’s price dropped 20%, trading at $0.6061, with a 19.54% fall in the market cap.
- The Exchange flow balance rose by 162%, indicating heightened selling activity.
The Sandbox (SAND) recently reached a yearly high of $0.86. However, the price has dropped 20% in the past 24 hours, now trading at $0.6061. Its market cap has fallen 19.54% to $1.47 billion, while trading volume plunged 59.37% to $2.06 billion. The volume-to-market cap ratio stands at 141.22%, signaling intensified activity despite the decline.
Dormant tokens are entering the market, with the age-consumed metric spiking to a two-month high of 33.19 billion, according to Santiment. Additionally, the exchange flow balance surged by 162% in 24 hours, indicating a higher movement of SAND tokens to exchanges, potentially for selling. These metrics confirm increased bearish sentiment in the market.
SAND’s Battle at Key Support
SAND currently trades below key support at $0.61, as per the technical chart. The 9-day moving average stands at $0.476, and the 21-day moving average at $0.3727. A bullish crossover between these moving averages occurred recently, but the current price movement hints at weakening momentum.
The RSI (Relative Strength Index) is at 67.14, hovering near overbought levels. If the selling pressure persists, SAND may further test the support at $0.61 or drop toward $0.50. On the upside, reclaiming $0.86 as resistance is crucial to reversing the current trend. A successful breakout could set the stage for a rally toward $1.
If selling pressure continues, SAND could further test the $0.61 support level or drop toward $0.50. On the other hand, reclaiming $0.86 as resistance remains critical for a bullish recovery. A successful breakout above this level might pave the way toward the psychological $1 mark. However, sustained upward movement would depend heavily on a reduction in selling pressure and increased buying volume.
For SAND to stabilize and recover, easing the ongoing sell-offs is crucial. Holding above $0.61 could restore trader confidence, allowing the price to revisit its recent high of $0.86. Until such conditions are met, caution is advised as the market leans bearish in the short term.
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