January 7 was a day when multiple metaverse projects took the first place on the green board and the balances changed. Also, let’s mention that one of the trending words on Twitter during the day is ‘metaverse’. The social volume and price increase is accompanied by hefty whale transactions and Binance transfers.
$9.9 million worth of metaverse coins flowed into Binance wallets
A report recently shared by on-chain researcher Lookonchain includes suspicious metaverse coin transactions flowing into Binance wallets. According to the transactions, 21.6 million Sandboxes (SAND) worth $9.9 million were transferred to Binance wallets. The transaction took place within 24 hours and came at a time when the SAND price was up by double digits.
A suspected @TheSandboxGame address transferred 21.6M $SAND ($9.9M) to #Binance 21 hrs ago.
After that, the price of $SAND increased by ~12%.https://t.co/ZDGEMZXnxX pic.twitter.com/Bt1Pyqo9xp
— Lookonchain (@lookonchain) January 7, 2023
Lookonchain also shared that the last time this address transferred SAND to Binance was January 21, 2021. Historical data shows that SAND started to rise after the whale trade. To be more precise, the whale trading took place at the start of the 2021 bull market, which ended in November. As can be seen from the chart below, SAND launched one of the biggest runs in its history after this transaction.
Currently, the SAND price has appreciated by up to 11% at one point during the day. At the time of writing, it is trading in the $ 0.4 region. On a weekly basis, it saw additional gains as volume and investor outlook improved.
SAND price reaches critical resistance level
Sandbox was one of the projects that went up after Bitcoin rose in the new year. BTC rose from $16.52k on January 1 to $16.96k on January 4th, while SAND rose from $0.38 to $0.44 in the same period. It currently looks ready to retest $0.4524. It climbed to the levels of $ 0.47 during the day.
By on-chain, the seven-day Market Value to Realized Value (MVRV) ratio was positive, according to Santiment’s analysis. This means that weekly SAND depositors are earning over 5%. However, monthly, quarterly and annual HODL investors have suffered.
The outlook for SAND has also improved as the weighted sentiment remains positive and the number of active addresses increases, which could indicate a possible increase in transaction volume in the near term. If the momentum continues, the SAND bulls’ first target will be resistance above the $0.50 zone. However, the overbought situation of the RSI is ripe for a price reversal and traders should be mindful of this along with BTC’s moves.
Finally, the Sandbox team has recently announced that they will make a move towards mobile games. cryptocoin.comAs we reported, these developments keep the SAND price alive up to the $0.7924 targets.
