The price of the SAND cryptocurrency tied to the popular metaverse project has recently shown solid performance on the market with a 12% price increase in less than a few days. The rise could be tied to a recent $9.9 million transfer made by whales.
According to the daily chart of SAND, we are seeing a solid short-term trend that puts the token back at the local resistance level reflected in the 21-day moving average, which has acted as a guideline for the sharp downturn we have been seeing in the last few months.
In 2021, Sandbox became one of the most popular metaverse and GameFi projects on the market, attracting millions of users and venture capital. Unfortunately, the situation changed in 2022 as GameFi, NFT and DeFi industries stumbled upon the changed monetary policy that pushed investors away from unnecessary risks and investments. The situation we are seeing today is far from the ATH SAND reached previously.
However, the returned activity of whales and addresses associated with them could be a major sign of recovery for the whole industry. GameFi has positioned itself away from the cryptocurrency industry in general as the target audience of both highly differs.
At press time, SAND is trading at $0.45. The $9.9 million worth of tokens transferred to an anonymous wallet are currently sitting at their initial destination and will most likely move further on Monday after liquidity returns to the market.
Generally, the cryptocurrency market has not seen any major changes since the beginning of the year, hence we will not see any major changes in the existing market composition in the short-term perspective.