The Sandbox is a virtual world that runs on blockchain technology, allowing users to create, build, buy, and sell digital items in a gaming setting. It was launched in 2011 by a company called Pixowl and is now part of Animoca Brands.
Recent Whale Activity
In the last two weeks, whale addresses have collected nearly 11.4 million SAND tokens, worth about $5 million, indicating increased activity in The Sandbox. There was a 250% rise in whale transactions within just 24 hours, suggesting major moves by large investors that could signal upcoming price changes. Analysts believe this activity may lead to significant price corrections or reversals. A notable transaction involved a whale transferring 409 million SAND tokens, valued at around $260 million, demonstrating strong investor confidence.
Potential Stabilization of Whale Activity
Despite the accumulation of SAND tokens by whales, signs indicate that their activity may soon stabilize. The Market Value to Realized Value (MVRV) ratio suggests that profit-taking could happen soon. As prices rise, large holders might sell some of their assets to secure profits, which could impact future price movements.
Recent Performance of SANUSD
SANUSD was one of the best performers in the past week, surging nearly 145% on positive market sentiment. It hit a high of $0.830 and is currently trading around $0.7468. A daily close above $0.83 would confirm a further bullish trend. The pair is trading above both short-term (34 EMA and 55 EMA) and long-term moving averages (200-day EMA) on the 4-hour chart.
Short-Term Resistance and Support
The immediate resistance level is around $0.830; a breach above this level could push the pair to $0.94, $1, or $1.50. Any breach above $1.50 would confirm a major bullish continuation, making a jump to $2 possible. On the downside, immediate support is at $0.70, with potential declines targeting $0.60 or $0.50.
Indicator Analysis
- Directional Movement Index: Bullish
- CCI (50): Bullish
It may be a good strategy to buy on dips around $0.70, with a stop loss set at $0.50 and a target profit of $1.49.