Amidst the tumultuous cryptocurrency market sentiment, Animoca Brand, the creator of The Sandbox (SAND), has caught the attention of crypto enthusiasts with its recent acquisition. On October 26, 2024, the blockchain transactions tracker EyeOnChain posted on X (formerly Twitter) that Animoca Brand purchased 20 million SAND tokens valued at $4.95 million from Binance.
Animoca Brand Acquires 20 Million SAND
This significant acquisition took place in two separate transactions using the wallet address “0x80AD.” In the initial transaction, the company withdrew 15 million SAND worth $3.98 million, followed by another 5 million tokens valued at $1.33 million. However, it was later revealed that the purchased SAND was transferred to a different wallet address, “0x3Ac.”
These significant token withdrawals come at a time when SAND’s price is on a continuous decline, experiencing a drop of over 14% in the past week. Additionally, Animoca’s wallet address “0x80AD” currently holds 25 million SAND valued at $6.16 million.
SAND’s Price Momentum
Despite this substantial withdrawal, SAND has seen a price decrease of over 6.5% in the last 24 hours, trading around $0.244. During the same period, its trading volume has surged by 55%, indicating increased participation from traders and investors, hinting at a potential buying opportunity.
SAND Technical Analysis and Future Levels
Based on expert technical analysis, SAND has been moving within a parallel channel pattern between $0.234 and $0.304, currently hovering near the lower boundary of the pattern. Recent price action suggests that whenever the asset price reaches this level, it tends to encounter buying pressure and undergo a price surge of over 27%.
This time, both experts and traders share similar expectations for SAND, possibly driving this significant token acquisition.
Despite the optimistic outlook, SAND is currently trading below the 200 Exponential Moving Average (EMA) on a daily timeframe, indicating a downtrend. However, its Relative Strength Index (RSI) is in oversold territory, suggesting a potential upward rally in the days ahead.