- SAND saw a minimal drop in price after the unlock events.
- However, increased whale activity has been observed in recent days.
Under the control of merchants and viewers, unlocking for Sandbox [SAND] Token appeared a week ago today, February 14th. The general state of the market and the expected effect of a larger token supply on the price of SAND contributed to the increased anticipation for the event.
Read Sandbox’s [SAND] Price Forecast 2023-24
On February 14, 12% of the total SAND supply was released, the same percentage as the previous unlock in August. About 50% of the aforementioned 12% was allocated to investors, a significant portion compared to previous unlocks.
Many significant SAND sell orders for the more liquid USDT pairs appeared in the days following the unlock. For example, on February 15, 55% of all orders were to be sold, adding an additional $7 million in selling pressure to the USDT pair.
Source: TradingView
SAND saw a price increase from February 17 to 20, adding 14.77% to its value, according to daily time frame analysis. There has, however, been a strong sales push and a drop in value since this article was written. It was down about 8%, trading around $0.76.
Additionally, the Relative Strength Index provided evidence that the bullish momentum was waning. As of this writing, the RSI line was above the neutral line, but it was more likely to go below it soon.
“Passing a Whale”
Also, a review of whale trading activity revealed that whales were going to SAND. A closer look at the chart revealed a significant amount of activity. However, a closer look at the whale trades revealed a significant increase on February 20.
The increase was the second highest for the asset in more than four months. The spike added it to the list of currencies that, according to Santiment’s analysis, were experiencing notable whale movements.
Source: Santiment
Volume is rising with holders holding onto profits for now
The volume measurement observed also indicated that there has been a recent flurry of activity in the area of The Sandbox. The statistic revealed that January saw an uptick in activity after a low level of activity seen until the end of 2022.
February continued the pattern, with tension rising, particularly after the unlocks event.
Source: Santiment
How much is 1,10,100 SANDs worth today?
Holders of SAND tokens, who bought them in the last 30 days, were still in the black. The Market to Realized Value ratio for SAND was 1.75%, indicating some profit for its holders. However, as of this writing, it has slipped a lot further.
Source: Santiment
After the token unlock event on February 14th, the price of SAND was broadly stable. Even if the price falls further as more investors liquidate their holdings, the market should return to a more stable state once the current flurry of activity subsides.