127M The Sandbox (SAND) tokens have been transferred from wallets belonging to The Sandbox staff over the course of the last 12 hours, according to a tweet earlier today from on-chain monitoring service Lookonchain. The tokenomics tracking platform Token Unlocks said that 332.55 million SAND, or 16.16% of the supply that is currently in circulation, will be unlocked after 10 days.
According to a post by Lookonchain, the $51.23 million value of the 127 million SAND moved today. The 332.55 million SAND blocks that will be freed in the next 10 days are expected to cost about $134.4 million.
As more tokens circulate and reduce the value of the altcoin, these unlocked tokens might drive down SAND’s price. Additionally, some of these unlocked tokens might be sold, which would drive the SAND’s value even lower.
According to CoinMarketCap, SAND was trading hands for $0.4021 at the time of publication. It has decreased by 2.38% over the previous 24 hours before this. Despite the daily decline, SAND’s 24-hour volume increased by 24.18%. The total amount bought and sold for the alternative currency was therefore $55,768,820.
Technically speaking, on July 26, 2023, the 9-day EMA line crossed bearishly beneath the 20-day EMA line, indicating that SAND had already entered a short-term negative pattern. As a result, the altcoin’s value fell to a low of $0.4202 as a result. As a result, bulls felt a sense of urgency and intervened to prevent SAND’s value from further declining.
The price of SAND was able to rise over the 9-day and 20-day EMA lines to $0.4406, however the break above the technical indicators was just temporary. Overwhelming sell pressure during the ensuing week forced the altcoin’s value back below the 2 EMA lines to its current level.
As a result, at the time of publication, SAND was trading above the minor assist level at $0.3970. If it closes below this price level during today’s trading session, it can fall during the next 48 hours to the crucial support level at $0.3746.
However, if SAND’s price recovers from the $0.3970 support level in the next 48 hours, it may be able to challenge the $0.4420 resistance level within the following week. Within the next few days, SAND will be able to increase to $0.4875 with a break above this level.