Will The Sandbox (SAND) Token Unlock Ship the Value Down?

• The Sandbox modified $1.3 million SAND to USDC, with extra gross sales anticipated.
• SAND’s worth fell to $0.442 however one other decline to beneath 0.40 may very well be attainable.
• The MACD and RSI mirrored bearish momentum, indicating a possible slide to $0.36.

In line with Spot On Chain, 4 wallets linked to The Sandbox (SAND) staff have deposited $41.21 million price of the token to Binance. The on-chain monitoring platform, in its publish, famous that the tokens got here from the challenge’s multi-sig pockets.

Out of the tokens despatched, $1.3 million SAND has been exchanged for USDC, Coin Version confirmed. In the meantime, The Sandbox has scheduled February 14 because the day to unlock extra SAND tokens into circulation. At press time worth the 205.59 million tokens have been price $90.2 million.

SAND to Face Extra Promoting Strain

With the upcoming unlock, SAND would possibly face one other spherical of promoting strain contemplating that the availability would possibly outweigh demand.

Nevertheless, the latest sale of the tokens has affected its worth. In line with CoinMarketCap, the worth of SAND hit a ceiling of $0.447 on February 2. However a number of hours after the sale, the worth dropped and was buying and selling at $0.442 at press time.

On a 12 months-To-Date (YTD) foundation, SAND’s worth has decreased by 28.88%, indicating that there have been extra sell-offs than buys since January 1. Based mostly on the 4-hour chart, SAND’s decline appeared to have been affected by purchaser exhaustion.

For example, the worth jumped from $0.29 to $0.62 between October 15, 2023, and December 28 of the identical 12 months. However a pointy plunge to $0.45 on January 2 implied that contributors have been taking income and SAND lacked demand to mitigate the impact.

No Bull to Defend the Value

At press time, SAND had misplaced maintain of $0.45. If the strain from bears intensifies, SAND would possibly drop to $0.40. If bulls can’t defend that area, then the following level SAND would possibly hit can be round $0.36.

A take a look at the Relative Energy Index (RSI) that the momentum had grow to be weak. As of this writing, the RSI was 40.59, with indicators indicating a attainable drop beneath the studying. Ought to the RSI drop beneath 40.00, SAND’s first goal could be $0.40.

Moreover, indications from the Transferring Common Convergence Divergence (MACD) confirmed that the token’s momentum was bearish. This was not solely as a result of the MACD studying was destructive however as a result of the 26 EMA (orange) was above the 12 EMA (blue), suggesting sellers’ dominance.

Because it stands, SAND’s worth would possibly fall as little as $0.36 within the brief time period. But when it does, it may supply entry for patrons earlier than altcoins begin to rally once more.