- The sandbox has seen nearly 100 million streams on the exchange in recent days.
- A token unlock event in a few days could be a catalyst.
Sandbox value [SAND] It increased significantly at the beginning of 2023. However, price action has been slowing down lately, and examining several critical parameters revealed that some important events may be forming for the gaming token.
Read Sandlådan [SAND] Price forecast 2023-24
flow increases
A significant amount of SAND has been moved to exchanges at the time of publication, based on data collected from Glassnode. Much of this can be inferred from observing the NetFlow Index and the apparent increase in exchange flows.
The outflow was dwarfed by the inflow, which increased to approximately 82m from the observed graph. The data indicated that investors were now transformation They transfer their tokens to multiple exchanges widely for sale.
Source: Glassnode
Zigzag on the sand
According to daily timeframe analysis by The Sandbox, there have been some dips. The coin has gained 1% at the time of writing and is trading at around $0.71. In addition, the value of the token dropped by 8% before the trading session.
However, SAND’s strong bullish trend has moderated somewhat, according to the Relative Strength Index (RSI). An upward trend, albeit a weak one, was indicated by the RSI line, which was just above 50.
Source: TradingView
According to the above metrics, there have been some concerns raised due to the steady decline in the value of the SAND and the large inflow to the exchanges. A review of the unlock data offered some explanations for the recent price action, but that could not have been the only factor influencing.
Token Unlock data indicates that the Sandbox will issue 372,570,278 tokens within the next five days. As a percentage of the total, the value of this token is 12.419%. The influx of funds to the exchanges may reflect investors’ expectations that the price of the token will drop when the locked token becomes available.
An overvalued SAND provides an opportunity
How profitable is SAND now that the unlock is imminent and investors will take profits? The 30,365-day market value Realized Value (MVRV) indicates that sellers can take profits at this time. The 365-day MVRV was 48.60%, while the 30-day MVRV was 12.03%.
Source: feeling
Dumping may sound like negative news for SAND price action, but there could also be benefits. SAND was overestimated on the 365-day MVRV; The regression will provide an excellent opportunity to get into SAND mode.
How much is 1,10,100 SAND worth today?
Additionally, in a new development on February 7, The Sandbox also revealed a partnership with Saudi Arabia’s Digital Government Authority. According to Bourget Sebastien, Sandbox COO, and co-founder, the relationship is meant to enable the Metaverse.
Partnerships and announcements like this could help SAND climb again, especially with the upcoming unlock and potential price drop.