The Sandbox is one of the leading players in the GameFi space. Its native token SAND is now going down the net of ETH whales as the altcoin rally continues into 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
More Support From ETH Whales
The whale buying spree has effectively pushed the price of SAND up on the broader market market. Looking at the charts, the token is up almost 80% in the past two weeks. This in turn made the token test the $0.7540 price resistance level.
On top of the whale buying spree, the release of Game Maker 0.8 certainly has an effect on the token. 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 SAND Standing On Solid Ground?
As the time of writing, the token is changing hands at $0.7044. With crucial support at $0.5015, this may be enough for SAND to sustain higher highs and higher lows. ETH whales should be careful, however, as a break below the $0.6327 support would delay a possible break above $0.7540.
Bitcoin’s current strong momentum is being reflected by the token in the short to medium term 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.
A breakthrough like this would trigger a bigger rally. However, if the rally is met with resistance, investors and traders should consolidate above $0.6327 to support further bullish movement in the coming days and weeks.
Improvements in the macroeconomic situation should also help SAND’s price to secure crucial consolidation levels. With inflation seemingly going down, the ecosystem and SAND would benefit from its high correlation with Bitcoin and Ethereum.
-Featured image: Screen Rant
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