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SAND luggage received barely heavier within the final 7 days particularly for people who purchased the dip on the very backside. Nevertheless, it appears just like the cryptocurrency remains to be buying and selling inside its 2-week vary and there are indicators of potential draw back within the subsequent few days.
SAND traded at $1.32 at press time after a 5.80% rally I the final 24 hours, and a extra spectacular 10.23% within the final 7 days. Zooming out on its worth motion reveals that it’s nonetheless buying and selling inside a good vary and is due for a breakout. Nevertheless, the breakout worth course remains to be a toss-up however maybe a deeper take a look at worth traits could present some readability.
SAND remains to be buying and selling in a descending wedge sample, however its worth is at present caught between the descending help and resistance. A help retest within the subsequent few days would put the value at sub-$1 costs. On the flip aspect, a check of the descending resistance means the value will push above $1.5.
Supply: TradingView
Watching out for a possible sell-off
SAND’s positive aspects within the final 7 days had been characterised by noteworthy accumulation as demonstrated by the upside within the Cash Circulation indicator. Nevertheless, the upside was severely restricted by low volumes and the RSI barely skilled any change. The MFI is now about to cross above 80 into the distribution zone and this highlights the potential draw back threat.
Supply: TradingView
The on-chain evaluation aspect of issues reveals blended outcomes. For instance, the availability distribution by steadiness on addresses exhibits a drop in tackle balances between 1 million and 10 million cash. Alternatively, addresses holding over 10 million cash have elevated considerably for the final two weeks. This may clarify why the MFI registered sharp accumulation however the worth motion remained comparatively muted.
Supply: Santiment
The above statement aligns with the uptick in provide held by whales metric and the whale transaction depend metric. Nevertheless, the steadiness on addresses supplies a clearer image of what’s occurring on-chain.
In the meantime, addresses holding between 1 million and 10 million SAND dropped from 56 t0 52 within the final 24 hours. The variety of addresses holding between 100,000 and 1 million SAND dropped from 200 to 198 throughout the identical time.
Supply: Santiment
Conclusion
The above observations point out that some whales are promoting off a few of their SAND. Maybe an indication of profit-taking after the latest positive aspects this week, and factors in direction of an identical conclusion from the MFI.
