Despite healthy accumulation, is SAND gearing up for further losses

SAND baggage received barely heavier within the final 7 days particularly for those who purchased the dip on the very backside. Nonetheless, it appears just like the cryptocurrency continues to be buying and selling inside its 2-week vary and there are indicators of potential draw back within the subsequent few days.

SAND traded at $1.32 at press time after a 5.80% rally I the final 24 hours, and a extra spectacular 10.23% within the final 7 days. Zooming out on its worth motion reveals that it’s nonetheless buying and selling inside a good vary and is due for a breakout. Nonetheless, the breakout worth course continues to be a toss-up however maybe a deeper have a look at worth traits could present some readability.

SAND continues to be buying and selling in a descending wedge sample, however its worth is at present caught between the descending assist and resistance. A assist retest within the subsequent few days would put the value at sub-$1 costs. On the flip aspect, a check of the descending resistance means the value will push above $1.5.

SANDUSDT 2022 05 26 15 41 54

Supply: TradingView

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Watching out for a possible sell-off

SAND’s beneficial properties within the final 7 days have been characterised by noteworthy accumulation as demonstrated by the upside within the Cash Movement indicator. Nonetheless, the upside was severely restricted by low volumes and the RSI barely skilled any change. The MFI is now about to cross above 80 into the distribution zone and this highlights the potential draw back threat.

The on-chain evaluation aspect of issues reveals combined outcomes. For instance,  the availability distribution by stability on addresses reveals a drop in handle balances between 1 million and 10 million cash. Then again, addresses holding over 10 million cash have elevated considerably for the final two weeks. This would possibly clarify why the MFI registered sharp accumulation however the worth motion remained comparatively muted.

The Sandbox SAND 16.16.17 26 May 2022

Supply: Santiment

The above remark aligns with the uptick in provide held by whales metric and the whale transaction depend metric. Nonetheless, the stability on addresses offers a clearer image of what’s taking place on-chain.

In the meantime, addresses holding between 1 million and 10 million SAND dropped from 56 t0 52 within the final 24 hours. The variety of addresses holding between 100,000 and 1 million SAND dropped from 200 to 198 throughout the identical time.

The Sandbox SAND 16.22.27 26 May 2022

Supply: Santiment


The above observations point out that some whales are promoting off a few of their SAND. Maybe an indication of profit-taking after the current beneficial properties this week, and factors in direction of an identical conclusion from the MFI.


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