Amid confusing cryptocurrency market sentiment, the creator of The Sandbox (SAND), Animoca Brand, has gained notable attention from crypto enthusiasts due to its recent acquisition. On October 26, 2024, the blockchain transactions tracker EyeOnChain made a post on X (Previously Twitter) that Animoca Brand bought 20 million SAND tokens worth $4.95 million from Binance.
This significant purchase occurred in two separate transactions using a wallet address “0x80AD.” In the first transaction, the firm pulled out 15 million SAND worth $3.98 million, followed by another 5 million tokens worth $1.33 million. However, the firm later noted that the purchased SAND was transferred to another wallet address “0x3Ac.”
Source: X (Previously Twitter)
These significant token withdrawals come during a period when SAND’s price is experiencing a continuous price decline and has experienced a price drop of over 14% in the past week. Additionally, Animoca’s wallet address “0x80AD” currently holds 25 million SAND worth $6.16 million.
SAND’s Price Momentum
Despite this notable withdrawal, SAND has experienced a price decline of over 6.5% in the past 24 hours and is currently trading near $0.244. During the same period, its trading volume skyrocketed by 55%, indicating heightened participation from traders and investors, suggesting a potential buying opportunity.
SAND Technical Analysis and Upcoming Levels
According to the expert technical analysis, SAND has been moving within a parallel channel pattern between $0.234 and $0.304 and is currently at the lower boundary of the pattern. Based on recent price action, whenever the asset price comes to this level it tends to face buying pressure and experience a price surge of over 27%.
Source: Trading View
This time, experts and traders have similar expectations for SAND, which might be the potential reason behind this significant token purchase.
Despite this bullish outlook, SAND is currently trading below the 200 Exponential Moving Average (EMA) on a daily time frame, indicating a downtrend. Whereas, its Relative Strength Index (RSI) is in an oversold area, suggesting a potential upside rally in the coming days.
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