Sandbox (SAND) is in a downtrend as the Metaverse wanes.
BeInCrypto – Sandbox Price Still Below $0.65 Since March 24, 2023, the number of active users has also decreased. And sandbox whale token accumulation has become a major obstacle to the price hike. This leads to the question of what the sandbox will do next.
Sandbox prices and network traction have been declining since their February 2023 high. On April 3, 2023, the Sandbox team announced a new partnership ahead of the upcoming launch of Mega City 3 at the end of the day. this month
As virtual reality wanes, The Sandbox will partner with over 40 brands in an effort to fuel its next phase of growth.
The number of active users has decreased. obstacles to growth
In recent weeks, SAND price hikes have slowed as the platform’s metaverse project struggles to maintain 1,000 daily active users. Up to 1000 daily active users as of March 31, 2023.
The chart below shows that as of April 6, 2023, only 730 users were recorded.
Sandbox (SAND) Price vs. Daily Active Users. April 2023, Source: Santiment
The data shows that sandbox prices steadily increase as the number of active users exceeds 1,000, and may stabilize or decrease as the situation continues.
Meanwhile, the moderate sell-off of SAND among crypto whales reinforces the bearish trend. According to Santiment, crypto whales hold $1-$10 million in tokens and have sold 49 million worth of SAND tokens. The chart below shows the token sell-off following falling below $0.60 on March 27, 2023.
Sandbox (SAND) Price vs. Whale Supply Distribution. April 2023, Source: Santiment
SAND Price Expected Below $0.60
Looking at the current range of prices for SAND holders, the token price might drop below $0.50. If the price in the support line at 0.60 USD. Break out of the above price line.
IntoTheBlock’s Global In/Out of Money chart shows that the price of a large support range might be at $0.59. In that price range, 21 addresses who bought 441,000 tokens might have contributed to the stable price of SAND tokens.
if not The support price range will be $0.43 where 22,000 wallets have purchased 1 billion tokens.
Sandbox (SAND) Global In/Out Money data. April 2023, Source: IntoTheBlock.
However, the Sandbox bull run may return if the asset price returns above $0.71. If this happens This will break the price line from the resistance where 13,500 addresses hold 13 million tokens. will make the price as high as $0.83
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