- SAND will likely continue its climb thanks to continued demand.
- These are the price levels that investors should be aware of in order to make short-term profits.
In 2023, the metaverse and NFT may see renewed interest. Therefore, it is important to examine their potential. The Sandbox, a project that has been in development for some time, is an example of such a project.
More importantly, the native token SAND started this month on an optimistic note.
Are your holdings turning green? Take a look at the SAND profit calculator
WhaleStats’ latest alert showed that SAND was among the top 10 most-purchased tokens by the ETH whales. This was noticed in the press time of the last 24 hours and highlighted the current demand that has driven SAND over the past few days.
JUST IN $SAND @TheSandboxGame Now on the top 10 most purchased tokens from 100 largest #ETH Whales in the past 24 hours🐳
Here are the top 100 whales: https://t.co/N5qqsCAH8j
(and hodl $BBW You can see data for top 5000!#SAND #whalestats #babywhale #BBW pic.twitter.com/T5FSAvoF2P
— WhaleStats (tracking crypto whales) (@WhaleStats) January 7, 2023
The surge in ETH whale demand is quite an interesting observation considering SAND’s latest performance. The token managed to rally 24% in the first week January.
SAND could extend its bullish momentum for another week due to increased demand from ETH Whales. However, this outlook could be affected by profit-taking as price moves towards profit-taking areas.
Playing in the SAND
SAND traded at $0.45 as of press time. An extended upside could push SAND towards $0.50. This could be a significant price zone for SAND as it will contact the 50-day Moving average.
The price will also remain within the 50% Relative Strength Index, (RSI) range, if not higher. This retest will increase the probability of short-term profit taking and therefore the possibility of a bearish trend retracement.
Source: TradingView
The buying pressure from ETH whales could boost investor sentiment and support an extended rally. The Sandbox also announced the launch of Game Maker 0.8, a new metaverse-based game. This announcement could have contributed to a positive investor sentiment.
A first glimpse into 𝐆𝐚𝐦𝐞 𝐌𝐚𝐤𝐞𝐫 𝟎.𝟖… 👀
🎮 Multiplayer gameplay features now available
🔦 New lighting & visual effect features
🚨 Video & audio streaming
⚔️ Equipment & wearable support in social hubsComing soon!
Deeper dive 👇🧵 pic.twitter.com/zfCvB5EJO0
— The Sandbox (@TheSandboxGame) January 5, 2023
Can SAND maintain its bullish momentum in the future?
SAND’s ability to continue rallying ultimately depends on whether it can garner enough demand. Its supply distribution metrics show that most top address categories continue to contribute to bullish pressure.
This observation supports the belief in a continuing bullish momentum.
Source: Santiment
A 209.93x hike on the cards if SAND hits ETH’s market cap
Other signs support the same conclusion. A recent increase in supply at top addresses demonstrates that whales have been buying. The Sandbox also saw a rise in development activity as it began January.
Source: Santiment
These observations could help to boost bullish investor sentiment. Investors should be aware of the take-profit zones.