- SAND’s large transaction volume jumped by 250%, indicating notable participation from whales and investors.
- Traders over-leveraged at $0.2911 on the lower side and $0.3246 on the upper side.
As a seasoned researcher with years of experience in the cryptocurrency market, I find myself consistently intrigued by the dynamics at play in The Sandbox [SAND]. The recent surge in transaction volume by a staggering 250% suggests that whales and institutions are taking notice of this metaverse platform.
In simpler terms, the popular metaverse platform known as The Sandbox (SAND) is drawing increased interest from big investors like whales and institutions due to its bullish trend visible in its daily price chart.
At the moment, there’s a very optimistic vibe in the market, which might lead Shibaswap (SAND) to experience substantial growth in the upcoming period.
The optimistic view on SAND stems from favorable price trends, increased attention from both traders and investors, and a general sense of bullishness in the market due to Donald Trump’s victory in the 2016 U.S. presidential election.
SAND — key levels
Based on AMBCrypto’s technical assessment, the cryptocurrency SAND has burst free from a price trend line known as a parallel channel, encountering resistance from the 200 Daily Exponential Moving Average (EMA).
Given the current trend in pricing and past performance, if SAND manages to end its daily session above $0.315, it appears likely that the price might surge by approximately 30%, potentially reaching around $0.415 in the near future.
At press time, SAND was trading below the 200 EMA on the daily time frame, indicating an uptrend.
However, its Relative Strength Index (RSI) suggested a potential price correction, as it was currently in the overbought area, which may not materialize given the current market sentiment.
SAND’s bullish thesis will only remain valid as long as it is trading above the $0.288 level, otherwise, it may fail.
Whale participation and rising Open Interest
The analysis of data on the blockchain reinforces a positive prediction for SAND. As reported by the blockchain analytics company Coinglass, the Open Interest for SAND has increased by 5.6% over the past day and an additional 2.4% in the last four hours before publication, suggesting growing interest in this cryptocurrency.
The increase in Open Interest indicates that more traders are showing interest in the asset, as it has broken out from a channel pattern, suggesting a significant surge in activity.
As an analyst, I’ve observed a notable increase in participation from both whales and investors, as massive transaction volumes of SAND have soared by an impressive 248.5% over the past day, according to the latest data from IntoTheBlock.
Currently, the main points for selling off or liquidating assets are at $0.2911 (on the low end) and $0.3246 (on the high end), based on information from Coinglass. At these levels, traders seem to have taken on excessive risk or borrowed too much money.
Read The Sandbox’s [SAND] Price Prediction 2024–2025
Current price momentum
Currently, the digital currency SAND is being exchanged close to approximately 0.301 million dollars, following a surge in its value by more than 3.10% in the last 24 hours.
In that same span of time, its trading activity saw a 21% boost, suggesting greater involvement from both traders and sellers, reflecting an optimistic market sentiment.
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2024-11-12 23:03