In the past 7 days, the price of Sandbox (SAND) has remained steady at $0.30. A critical on-chain indicator may suggest that investors are preparing for more bearish trading activity. The price of Sandbox has consolidated around the $0.30 support area. SAND last rose above this level in July 2021.
Whale Activity in Sandbox!
Despite the efforts of whale investors, the price of Sandbox appears ready for another downward trend. A group of whales holding between 1 and 10 million SAND tokens made visible efforts to prevent a return below $0.30. According to Santiment data, whales accumulated 5 million tokens in the first six days of September, putting an end to the two-week selling frenzy.
According to the shared data, whales currently hold 261.6 million tokens as of August 31. However, they started buying again when prices fell below $0.31 on September 1, increasing their balance to 266.6 million SAND on September 6. Tracking real-time changes in whale wallet balances provides information about their current trading activities. The fact that large institutional holders increase their balances during price drops indicates that they are trying to apply upward pressure to defend their positions.
Current Situation in Sandbox Charts!
However, another important indicator on the chain suggests that the selling pressure around Sandbox may intensify in the coming days. Sandbox holders appear to be preparing for more selling action in the days ahead. According to CryptoQuant charts, there is a significant increase in SAND deposits, which vividly shows changes in wallet addresses.
Between September 3 and September 6, Sandbox investors moved 14 million SAND tokens to exchanges. This came after almost a month of consistent withdrawal transactions. Exchange Reserves track real-time changes in the total balances of tokens held by investors in well-known crypto exchange wallets. Generally, an increase in exchange deposits can indicate that holders are seeking to sell or swap their other assets.
The chart also shows that significant inflows of currencies occurred before the recent SAND price drop on August 10. Now, SAND holders have deposited $4.2 million worth of SAND tokens in the past three days. This could highlight another potential selling movement that could intensify selling pressure on the SAND price in the coming days.
