Animoca Brands Acquires 20 Million SAND Tokens Can We Expect a Price Surge
In the midst of a confusing cryptocurrency market, Animoca Brand, the creator of The Sandbox (SAND), has caught the attention of crypto enthusiasts with its recent acquisition. On October 26, 2024, blockchain transactions tracker EyeOnChain revealed that Animoca Brand purchased 20 million SAND tokens worth $4.95 million from Binance.
This significant purchase was carried out in two separate transactions using the wallet address “0x80AD.” The first transaction involved 15 million SAND tokens worth $3.98 million, followed by another 5 million tokens worth $1.33 million. However, the firm later transferred the purchased SAND to another wallet address, “0x3Ac.”
These token withdrawals come at a time when SAND’s price is steadily declining, having dropped by over 14% in the past week. Despite this, Animoca’s wallet address “0x80AD” currently holds 25 million SAND tokens worth $6.16 million.
In the past 24 hours, SAND has experienced a further decline of 6.5% and is currently trading at around $0.244. However, its trading volume has increased by 55%, indicating increased participation from traders and investors, which could signal a potential buying opportunity.
Technical analysis suggests that SAND has been moving within a parallel channel pattern between $0.234 and $0.304, and it is currently near the lower boundary of this pattern. Historically, when SAND reaches this level, it tends to face buying pressure and experiences a price surge of over 27%. Experts and traders have similar expectations for SAND this time, which may explain Animoca Brand’s significant token purchase.
Despite the bullish outlook, SAND is currently trading below the 200 Exponential Moving Average (EMA) on a daily time frame, indicating a downtrend. However, its Relative Strength Index (RSI) is in an oversold area, suggesting a potential rally in the coming days.
Overall, despite the market uncertainty, Animoca Brand’s acquisition of SAND tokens has garnered attention in the crypto community.