SAND Doubtlessly Reaching Backside, Analyst Trace at Future Upswing

• SAND has entered the “despair” part of the market psychology cycle.
• At this part, the market sees low value motion and bearish market sentiment.
• Current value actions recommend that the anticipated value development may be occurring already.

The worth of SAND, the token that powers the metaverse-based sport, The SandBox, may be close to its backside and prepared for an upward correction, analyst Ali Martinez famous in a latest publish on X (previously Twitter).

Based on Martinez, the token’s value is within the “despair” part of the standard market psychology cycle. An asset is alleged to be on this part when it witnesses an prolonged interval of low costs and low investor sentiment. 

Moreover, Martinez added that this presents a shopping for alternative for buyers, because the altcoin may be poised for a rally. 

Is the Rally Underway Already?

An evaluation of SAND’s value efficiency within the final month urged that the anticipated value uptrend may be underway already.

Exchanging palms at $0.6054 at press time, the token’s value has grown by 40% within the final month. Furthermore, information confirmed that SAND’s worth has elevated by 29% within the final week.

The worth development comes with a major uptick in buying and selling quantity. Based on information from Santiment, SAND’s each day buying and selling quantity noticed inside a 30-day shifting common has seen a 49% improve. 

Moreover, on December 10, the altcoin recorded a buying and selling quantity of $525 million, marking its second-highest buying and selling quantity since January. At press time, SAND’s buying and selling quantity totaled $356 million, representing its highest single-day quantity within the final two weeks. 

On the worth chart, key momentum indicators confirmed a gradual improve in SAND accumulation. The token’s Relative Power Index (RSI) was 71.88, whereas its Cash Stream Index was 67.20, signaling a surge in shopping for strain.

Furthermore, the token’s Chaikin Cash Stream (CMF) was positioned considerably above the zero line. With a CMF worth of 0.34 and rising on the time of writing, it confirmed that purchasing momentum exceeded token sell-offs amongst merchants. 

It additionally signaled that the market continues to witness a excessive liquidity influx, which has sustained the latest value uptick. 

Regardless of the rise in SAND’s worth within the final month, profit-taking exercise stays minimal. A have a look at the token’s trade exercise confirmed a ten% decline within the whole quantity of SAND tokens held inside crypto exchanges within the final month, in response to information from Santiment.

Inside the identical interval, there was a 2% uptick in SAND’s provide outdoors of exchanges. This confirmed that buyers have more and more taken their SAND tokens off exchanges, minimizing the chance of a major surge in sell-offs.