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The Sandbox is one of the leading players in the GameFi space. Its symbolic indigenous sand now descends into the whale net while the altcoin rally continues in its third week. According to CoinGecko, the token has gone up by 76% in the past two weeks.
ETH whales are also adding fuel to this fire, accumulating SAND and including the crypto on its top 10 tokens bought in the past 24 hours. Along with the recent release of Game Maker 0.8, The Sandbox ecosystem is expected to continue to be a dominant player in the GameFi space.
JUST IN: $SAND @TheSandboxGame now on top 10 purchased tokens among 100 biggest #ETH whales in the last 24hrs ??
Check the top 100 whales here: https://t.co/N5qqsCAH8j
(and hodl $BBW to see data for the top 5000!)#SAND #whalestats #babywhale #BBW pic.twitter.com/nWQoR6vWNX
— WhaleStats (tracking crypto whales) (@WhaleStats) January 15, 2023
Image: Network report.
No more backing from the EPF. Whales
The whale buying frenzy did raise SAND's price in the wider market. Looking at the charts, the token is up almost 80% in the past two weeks. This in turn performed the symbolic test of the price resistance level of $0.7540.
In addition to the whale buying frenzy, the release of the 0.8 game manufacturer definitely has an effect on the chip. According to the development team’s Medium post, this upgrade brought features that were requested by the community in the past.
New multiplayer gameplay features, new lighting and post-processing effects, and the addition of audio and video streaming on the platform will certainly bring more attention to the platform and the GameFi space. With gaming companies noticing the power of Web3 development, platforms like The Sandbox will continue to rise in popularity.
Is the sand on a strong floor?
When writing these lines, the chip changes hands to $0.7044. With critical support of $0.5015, this can be sufficient for the sand to maintain higher peaks and troughs. However, the whales must be careful, as a break below the bracket of $0.6327 would delay a potential break above $0.7540.
The current strong dynamics of Bitcoin is reflected by the short- and medium-term token as well. This means that if ever BTC – the world’s biggest crypto asset in terms of market cap – continues its momentous climb to breach the $21,500 resistance, SAND would see gains above $0.8626 which would wipe the losses that occurred when crypto exchange FTX collapsed.
That kind of breakthrough would start a bigger rally. However, if the rally encounters resistance, investors and traders would need to consolidate above $0.6327 to support a new bullish move in the days and weeks ahead.
The improvement in the macroeconomic situation is also expected to help the price of sand to ensure critical levels of sanitation. With inflation seemingly going down, the ecosystem and SAND would benefit from its high correlation with Bitcoin and Ethereum.
-Featured image: Screen Rant
