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<p><strong>Sandbox (SAND)</strong> price action went negative and was dragged below the key EMAs recently. SAND price delivered the bearish cues on the chart as the asset seemed to struggle. </p> 
<p>Following the broader market selloff in the last 24 hours, <a href="https://www.thecoinrepublic.com/price-prediction/the-sandbox/"><strong>SAND</strong></a> crypto underwent significant selling pressure. It has been eyeing to take support near the 52-week low cluster of $0.2500.</p> 
<p>A rounding top formation was exhibited, and the token has experienced a rejection from the 50-day EMA mark. This led to a follow-on selloff this week.&nbsp;</p> 
<p>Its chart structure looks bearish, as the token declined by over 40% in the last two months.</p> 
<p>Over the last two weeks, SAND stabilized after a 20% decline. Notably, the token had plummeted to a monthly low of $0.2800, displaying bearish cues.</p> 
<p>The token was priced at $0.2879 with an intraday drop of 2.90%. This exhibited a bearish move on the chart. Notably, it was ranked at 93 with a market cap of $726 Million and a total supply of 3.24 Billion.</p> 
<h2 class="wp-block-heading" id="h-sandbox-sand-price-action-and-on-chain-metrics-outlook"><strong>Sandbox (SAND) Price Action and On-Chain Metrics Outlook</strong></h2> 
<p>Amidst the bearish trend, <strong>Sandbox </strong>holders were searching for stability around the crucial support zone of $0.2500. This level was crucial as it was where buying interest could increase, potentially preventing the price from falling further.</p> 
<p>It has formed lower highs and lower lows, a sign of a bearish trend, and dragged below the key moving averages. To reverse the bearish trend, SAND must break the immediate resistance mark of $0.3800 on a closing basis.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24SAND&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SAND</a> (The Sandbox) – <br><br>Target @ $6.7282 (Over +2,070% Upside) <a href="https://t.co/MRCkxzxWP7">https://t.co/MRCkxzxWP7</a> <a href="https://t.co/GetdHzWIj8">pic.twitter.com/GetdHzWIj8</a></p>— JAVON
   <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/26a1.png" alt="⚡" class="wp-smiley" style="height: 1em; max-height: 1em;">MARKS (@JavonTM1) <a href="https://twitter.com/JavonTM1/status/1819231789916832204?ref_src=twsrc%5Etfw">August 2, 2024</a>
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<p>Meanwhile, the lower trading volume during the week’s selloff implied a weak selling interest. This means the token might find support soon.</p> <iframe loading="lazy" title="Santiment Chart: Price (SAND), Volume (SAND)" width="800" height="425" src="https://embed.santiment.net/chart?ps=aelf&amp;pt=ELF&amp;df=2024-02-03T18%3A29%3A59.450Z&amp;dt=2024-08-03T18%3A29%3A59.450Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_usd%3Bthe-sandbox%3BSAND%5D%3B%5B1%3Bvolume_usd%3Bthe-sandbox%3BSAND%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
<p>Moreover, the MACD line was below the signal line, and the zero line implied the bearish momentum.</p> 
<p>Technical indicators suggested a bearish sentiment, and the RSI line dropped to the oversold trajectory. This implied a sustained selling pressure. However, it has not shown extreme oversold condition, which could hint at a strong bounce.</p> 
<h2 class="wp-block-heading" id="h-social-metrics-show-uptick-what-does-that-mean"><strong>Social Metrics Show Uptick: What Does that Mean?</strong></h2> 
<p>Per the Santiment data, the social dominance value grew significantly and soared over 12% this week. It implied a dramatic rise in demand among investors and crypto members.</p> <iframe loading="lazy" title="Santiment Chart: Social Dominance (SAND), Development Activity (SAND), RSI 1d (SAND)" width="800" height="425" src="https://embed.santiment.net/chart?ps=aelf&amp;pt=ELF&amp;df=2024-02-03T18%3A29%3A59.450Z&amp;dt=2024-08-03T18%3A29%3A59.450Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bsocial_dominance_total%3Bthe-sandbox%3BSAND%5D%3B%5B1%3Bdev_activity%3Bthe-sandbox%3BSAND%5D%3B%5B1%3Brsi_1d%3Bthe-sandbox%3BSAND%5D&amp;wax=0%3B1%3B2&amp;wc=%23FF5B5B%3B%23FFCB47%3B%235275FF&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%2C%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%2C%22__appliedInterval%22%3Atrue%7D" scrolling="no"></iframe> 
<p>Since July 2024, the development activity curve exhibited a significant rebound. It noted a rise, moving across the zero line. This signified that developers have been working effortlessly for the ecosystem’s growth.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-oi-data-and-future-sand-price-performance-analysis"><strong>OI Data and Future SAND Price Performance Analysis</strong></h2> 
<p>Notably, the Open Interest (OI) increased by 3.78% to $35.97 Million. Its funding rate dropped below the zero line, at -0.00104%, implying a bearish outlook.</p> 
<p>Moderate fluctuation and significant downtrends were seen in SAND’s price action. The increasing demand for metaverse and the use of SAND for this purpose might lessen the effect of volatility.</p> 
<p>Undoubtedly, the token was under bearish influence. It doesn’t mean that it does not have the capability to rebound. Its long-term indicators still looked neutral.</p> 
<p>SAND token looked oversold and could trigger a rebound shortly if it held the support around the $0.2500 mark. This means that accumulation is imminent, and the token might reclaim its gains soon.&nbsp;</p> 
<p>Breaching the low mark of $0.2500 would lead to a next bearish leg toward $0.2000, confirming the continuation of a downtrend.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/08/04/sandbox-traders-eye-0-25-support-will-sand-hold-the-mark/">Sandbox Traders Eye $0.25 Support: Will SAND Hold The Mark</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

Sandbox Traders Eye $0.25 Support: Will SAND Hold The Mark

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