Animoca Brands Buys 20 Million SAND Tokens, Pump Incoming?

Amid the complicated cryptocurrency market sentiment, The Sandbox (SAND) creator Animoca Model has gained notable consideration from crypto lovers due to its latest acquisition. The blockchain transaction tracker will likely be launched on October 26, 2024 EyeOnChain posted on X (previously Twitter) that Animoca Model bought 20 million SAND tokens price $4.95 million from Binance.

Animoca model buys 20 million SAND

This vital buy befell in two separate transactions utilizing a pockets tackle ‘0x80AD’. Within the first transaction, the corporate raised 15 million SAND price $3.98 million, adopted by one other 5 million tokens price $1.33 million. Nevertheless, the corporate later seen that the bought SAND had been transferred to a unique pockets tackle “0x3Ac.”

These vital token withdrawals are occurring throughout a interval when the worth of SAND is experiencing an ongoing value decline, having skilled a value drop of over 14% previously week. Moreover, Animoca’s pockets tackle “0x80AD” at the moment comprises 25 million SAND price $6.16 million.

SAND’s value momentum

Regardless of this notable pullback, SAND has skilled a value drop of over 6.5% over the previous 24 hours and is at the moment buying and selling round $0.244. Throughout the identical interval, buying and selling quantity skyrocketed by 55%, indicating better participation from merchants and buyers, signaling a possible shopping for alternative.

SAND Technical Evaluation and Upcoming Ranges

In accordance with the skilled technical evaluation, SAND is transferring inside a parallel channel sample between $0.234 and $0.304 and is at the moment on the decrease boundary of the sample. Primarily based on latest value motion, when the asset value reaches this stage, it tends to face shopping for strain and expertise a value enhance of greater than 27%.

This time, consultants and merchants have comparable expectations for SAND, which may very well be the potential motive behind this main token buy.

Regardless of this bullish outlook, SAND is at the moment buying and selling under the 200 Exponential Shifting Common (EMA) on a each day timeframe, indicating a downtrend. Whereas the Relative Power Index (RSI) is in oversold territory, indicating a possible upward rally within the coming days.