- SAND’s demand soared amongst ETH whales regardless of the value being overbought.
- Low promote strain for SAND as holders swap to a longer-term outlook.
The Sandbox’s native token SAND simply made its means into the highest 10 checklist of most bought tokens by the highest 100 ETH whales. That is in accordance with the newest WhaleStats report and right here’s why SAND holders may wish to take word.
Practical or not, right here’s SAND’s market cap in BTC’s phrases
When you have been holding SAND in your crypto bag, you’re in all probability happy with its efficiency because the begin of January. You may additionally be glad to seek out out that the newest WhaleStats alert revealed that there’s nonetheless robust demand for SAND regardless of its present worth degree.
In accordance with the announcement, the demand from ETH whales within the final 24 hours was sufficient to place SAND into the ten most bought checklist.
JUST IN: $SAND @TheSandboxGame now on high 10 bought tokens amongst 100 largest #ETH whales within the final 24hrs 🐳
Examine the highest 100 whales right here: https://t.co/N5qqsCAH8j
(and hodl $BBW to see information for the highest 5000!)#SAND #whalestats #babywhale #BBW pic.twitter.com/nWQoR6vWNX
— WhaleStats (monitoring crypto whales) (@WhaleStats) January 15, 2023
Nonetheless digging SAND
A have a look at SAND’s present place reveals why this statement is moderately stunning. The token traded at $0.67 on the time of writing, which represents an 80% upside from its present month-to-month excessive.
Nevertheless, it’s now deep within the RSI’s overbought zone and has prolonged its rally properly above the 50-day transferring common.
Primarily based on the overbought circumstances, the market ought to anticipate a rise in promote strain however it’s opposite to the WhaleStats statement. This will likely clarify why we see weak bearish makes an attempt to this point. The availability distribution metric confirms that whales are certainly shopping for.
Addresses holding greater than 10 million SAND elevated their holdings by a large margin within the final three days. That is the second largest whale class holding 13.87% of the entire circulating provide on the time of writing.
On the similar time, some whale classes are certainly promoting. That is particularly the case for these within the a million to 10 million and 10,000 to 100,000 SAND bracket.
There are a number of different metrics that counsel that the bulls might not have sufficient power to take over. This consists of the constructive community progress that The Sandbox has achieved in the previous few days. In truth, community progress was at a weekly peak on the time of writing.
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This improve in community addresses was backed by a surge in every day lively addresses. Additionally, the imply coin age is up considerably in the previous few days. This implies a lot of the SAND amassed up to now few days is but to alter addresses.
SAND’s observations highlighted above appear to be the makings of a entice for potential brief sellers. The shortage of sufficient promoting strain, backed by accumulation by ETH whales might result in the extra potential upside.