The Decline of SANDBOX (SAND) Price
The SANDBOX (SAND) price has experienced a significant decline, currently trading at $0.27. However, the future looks uncertain as 98% of current holders are facing losses. Year to date, sand prices have dropped by 56.22%, indicating a bearish trend that could potentially lead to even lower prices.
The Challenges Faced by Sandbox
Despite a 6% increase in prices over the past seven days, on-chain data reveals a concerning -35.56% gap between realized value and market capitalization (MVRV). This indicator suggests that short-term holders may have more profit potential than long-term holders, signaling a bearish phase for SANDBOX. Historically, a MVRV range of -40.74% to -75.26% has marked a bearish cycle for the cryptocurrency.
The Future Forecast for SANDBOX Price
Technical analysis on SANDBOX’s daily chart confirms the bearish trend, with the Balance of Power (BoP) dropping to -0.64. This indicator reflects the strength of buyers and sellers in the market, indicating a current advantage for sellers. If selling pressure continues, SANDBOX’s price could drop to $0.20. Alternatively, a strong uptrend could see the coin retesting the $0.30 level.
Overall, the outlook for SANDBOX (SAND) remains uncertain, with indicators pointing towards a potential bearish phase. Traders should closely monitor market movements and be prepared for further price volatility in the coming days.
