2021 was a volatile yet exciting period, while the following year introduced new investors to the realities of a bear market. Bitcoin‘s price has once again surpassed $37,000 after a year. BTC is likely to reach its price from the days when the Fed had not yet started its interest rate cuts. So what is the current situation with altcoins, especially the popular ones in 2021? SAND Coin could serve as a good example.
SAND Coin Review
Binance‘s excitement brought about by the settlement process has led to significant market fluctuations. This resulted in decreased interest in cryptocurrencies such as SAND Coin, as investors preferred to step back and observe due to their inability to predict what might happen. An $8 million position was closed before the details of the process were clarified. We observed that 24 hours later, the SAND derivative market recovered with a capital inflow of $4 million.
This indicates that SAND Coin has attracted even greater attention after the Binance incident, and investors now believe in the upward trend. The increase in open positions following a sharp price decline may indicate a change in market sentiment. Investors entering new positions are focused on the rise. The 8% increase in price confirms that they are not mistaken.
SAND Coin Predictions
Investors who wanted to evaluate the local bottom after it dropped to $0.36 on Wednesday took action. In particular, the top 20 investors in Sandbox‘s metaverse ecosystem accelerated their purchases around November 15 when the price started to decline. They also kept the demand alive during this week’s drop. These investors increased their SAND holdings from 2.39 billion to 2.40 billion between November 15 and 20. They also accumulated 10 million SAND during the recent decline.
For SAND Coin’s upward momentum to gain traction, it needs to break through and close above the $0.45 resistance zone. We have previously mentioned that this zone is crucial. If the bulls can surpass this resistance, they may target the $0.5 and $1 regions.
On the contrary, if the SAND price falls below $0.35, the bullish prediction may become invalid. For now, the popular metaverse altcoin is hovering around $0.39, just above the $0.4 mark. BTC, on the other hand, is at $37,200.
