How ‘quick’ might a ‘quick’ move for SAND be
Sandbox’s price registered gains of 1.75% over the last 24 hours, showing signs of heading higher after setting up a bullish reversal pattern on 21 February. In fact, on-chain metrics seemed to indicate that the uptrend is likely to continue on the charts.
SAND’s price was rangebound and showed no evident signs of moving higher, at least from a technical perspective. However, due to the consolidatory nature of the price action, there is a good chance of a volatile move. Even so, such an indication would lack any directional bias.
On-chain metrics, on the other hand, underlined a much more nuanced outlook for Sandbox. According to the same, the bullish outlook is not a question of ‘if’ but ‘when.’
The supply on exchanges is an important metric since it helps determine potential sell-side pressure, a part of it, if not the whole picture. In Sandbox’s case, if the number of SAND tokens held on centralized entities increases, it indicates investors’ uncertainty. During a flash crash, these holders are likely to panic sell their holdings, adding more pressure and steepening the nosedive.
On 8 February, the number of SAND spiked from 441 million to 542 million, indicating an inflow of roughly 100 million tokens. Since then, SAND’s price has crashed from $4.8 to $2.7, denoting a 43% crash and further signifying the importance of this metric.
Source: Santiment
However, this spike in tokens held on exchanges later dropped back to the pre-spike days. This is a sign that there isn’t a lot of sell-side pressure. This development also reveals that the bulls may just be ready for a takeover.
Further supporting this thesis is the recent spike in social volume for Sandbox to 11,642 – A new all-time high. This spike also suggested that retail
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