Sandbox (SAND) Faces Bearish Pressure Despite Recent Price Climb

The price of Sandbox (SAND) climbed to $0.27 in early trading today, but with 98% of holders currently at a loss, the token may be headed for another decline.

The price of Sandbox (SAND) rose to $0.27 in early trading on Thursday, but with 98% of holders in the red, the token could be set for another decline.

SAND has fallen 56.22% year-to-date, and if the downtrend continues, the token could approach its lowest levels seen during the 2022 bear market.

However, a closer look at on-chain metrics reveals a bearish signal that could indicate further selling pressure on SAND.

Sandbox (SAND) may be heading for another decline despite a recent price increase. According to data from CoinGecko, SAND rose to $0.27 on Thursday morning, showing a 6% increase over the past seven days. However, the broader market seemed to be experiencing a slight downturn with Bitcoin falling 2.5% to $58,500.

SAND price is down 56.22% year-to-date and could be set for another drop.sand price could fall further

A closer examination of SAND’s on-chain metrics revealed a Market Value to Realized Value (MVRV) Long/Short Difference of -35.56%. This negative value suggests that short-term holders are in a better position to profit than long-term holders, a signal that is often associated with the onset of a bear market.

Historically, when SAND’s MVRV metric falls between -40.74% and -75.26%, the cryptocurrency tends to enter a bear cycle.

Adding to the bearish outlook is the Bulls and Bears Indicator, which tracks whether the top 1% of trading volume participants are buying or selling.

Over the past seven days, SAND has seen 28 more bears than bulls, indicating a lack of confidence among traders. Without a significant increase in buying pressure, SAND may continue to face downward pressure, potentially leading to further declines.

Bitcoin price faces sell pressure from government sales, Mt. Gox redistributions

Bitcoin price is facing sell pressure from two major entities: the US government and Mt. Gox creditors.

On Wednesday, Bitcoin price fell 2.5% to $59,100 as the US government transferred a substantial amount of BTC from a known government wallet to Coinbase Prime.

According to Arkham Intelligence, the government moved 10,000 BTC, currently valued at around $593 million, from a Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift Shift

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