Sandbox witnessed escalated bearish tendencies and worried most of its enthusiasts after losing the psychological zone of $1. However, support from the market helped the alt reclaim the crucial level. Nevertheless, SAND seems to experience similar threats at this publication, appearing weak and could lose $1 once more.
SAND Back into the Box?
SAND has had its price movements slightly beyond $1. The 60% upsurge invalidated the June slump, changing hands at $1.3. nevertheless, the past week saw the alt losing 20%, falling to trade near $1.01 at this publication.
SAND’s plunge from the November 2021 all-time high of $7.91 had over 80% of its traders recording losses. Moreover, losses will appear if the metaverse coin drops beneath $1 once more. Moreover, that could see investors selling the altcoin.
Meanwhile, the exchange net flows show bleak possibilities since Sandbox hodlers remain weirdly optimistic as they approach the asset perceiving smashes as dips.
As a result, market players have neem purchasing what they thought as dips. Investors have re-purchased over 130M SAND worth about $130 million since the February 2022 massive sale.
This outlook may come from hopes of rallies that could or couldn’t showcase. However, this sentiment will prevail provided SAND steadies beyond $1.
Besides that, the surging Metaverse demand would likely contribute to maintaining investor optimism. Recently, Sandbox joined the Polygon blockchain to capitalize on the network’s fewer gas charges and quicker transaction speed.
Moreover, the Sandbox integrated Coinbase wallet to draw more Metaverse enthusiasts. These efforts are yet to ensure any impact on SAND’s price action or the blockchain’s growth. However, that may control the situation from worsening.
However, nothing is a guarantee in the cryptocurrency market. For now, bears remained in the drivers’ seat and seemed ready for further declines. Bitcoin struggles at sub-$19, changing hands with a 0.50% 24hr loss at $19,122.
Also, the global cryptocurrency market cap stays far from the $1 trillion mark. Maintaining these tendencies would translate to continued bearish runs. That can see SAND surrendering the $1 psychological mark.
Stay around for unfolding developments in the cryptocurrency market.
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