In the cryptocurrency market, one of the key data points investors closely follow is token unlock events. According to the Token Unlocks platform, which closely monitors token unlocks, $374.27 million worth of tokens will be unlocked in the next seven days. Tomorrow, the token unlock event of SAND, the native token of The Sandbox, a gaming platform built on the Ethereum ecosystem, is an event to watch closely.
The Sandbox Token Unlock Event
According to data provided by Token Unlocks, which shares token unlock events with its users, $374.27 million worth of tokens will be unlocked next week, marking some of the largest token unlock events in recent times. Among these unlocks, the token unlock event of SAND, the native token of The Sandbox in the Ethereum ecosystem, stands out.
Tomorrow (August 14) at 11:00 AM, the event will unlock an amount of SAND tokens equivalent to 9% of the total supply, with a market value of $53.91 million. As investors eagerly follow the process with only hours left, SAND was trading at $0.262 at the time of writing. The SAND token unlock event is one of the most notable token unlocks in the coming days.
SAND Chart Analysis
The daily SAND chart highlights a descending channel formation. Particularly, after the EMA 200 (red line) average acted as resistance, selling pressure on SAND gained significant momentum. In recent days, after touching the channel support, the SAND price started to rise, but it needs to surpass the EMA 9 (blue line) average.
The most important support levels to watch on the daily SAND chart are $0.250, $0.233, and $0.208. Particularly, a daily bar close below the $0.233 level, which has been a significant support level in recent days, could cause the SAND price to lose momentum.
The most important resistance levels for SAND on the daily chart are $0.275, $0.299, and $0.348. Particularly, a daily bar close above the $0.299 level, which intersects with the EMA 21 (green line) average, could help the SAND price gain momentum.
