Assess the possibility of SAND falling below the $1 mark SAND encountered the bears and spooked a lot of investors after losing the key psychological support of $1. But fortunately, with the backing of the market, the token managed to get it back. However, it seems that SAND is once again under threat.
SAND continues to be in danger?
The $1 level is now the new support for SANDBOX. After the 60% rally, it invalidated the drop from the June crash and traded at $1.30. However, in the last week, after losing 20% of its value, SAND slipped and is currently at $1.02 at press time.
The decline from the ATH of $8.44 set in November 2021 has pushed more than 80% of investors into losses. If this Metaverse token goes back below $1 again, it will cause more losses. On the other hand, this could also prompt investors to sell tokens.
On-chain indicator
Although the situation looks bleak looking at the net flow on the exchange, HODLer SAND is strangely optimistic in their approach as they see the crash as an opportunity to buy cheaply. Therefore, investors are buying the dip.
Since the last massive sale in February 2022, over $130 million of SAND has been bought back in hopes of a price recovery.
Regardless of whether the price rises or not, as long as the Sandbox (SAND) holds above $1, this sentiment will continue to dominate investors.
Along with that, expanding demand for Metaverse is also expected to play an important role in keeping investors optimistic.
According to an official announcement at the end of June, The Sandbox has been deployed on the Polygon Network in an effort to take advantage of the blockchain’s faster transaction speeds and lower gas fees.
In addition, Coinbase Wallet is also integrated with The Sandbox ecosystem to attract more users to their Metaverse.
As of now, these efforts have not produced any impact on altcoin prices or network growth. However, it can keep things from getting worse.
