The Sandbox [SAND] had a run-in with the bears and terrified a lot of its investors after it lost the critical and psychological support level of $1. But fortunately, with the market backing the altcoin, SAND managed to reclaim it. Regardless of its reclaim, it looks like the altcoin is once again being threatened.
Trading slightly above $1 became the new support level for SAND. After the 60% rally, it managed to invalidate the June crash and was trading at $1.3. However, in the last week, after declining by 20%, SAND fell down and was trading at $1.01, at press time.
The Sandbox price action | Source: TradingView – AMBCrypto
SAND’s depreciation from $7.91, its all-time high from November 2021, already threw more than 80% of its investors in the loss. If the Metaverse token was to fall back below $1 again it would lead to additional losses. Furthermore, this might also end up triggering investors to sell the token.
The Sandbox investors in loss | Source: Intotheblock – AMBCrypto
Although looking at the net exchange flows, the possibility seems bleak since SAND HODLers have been weirdly optimistic in their approach as they have been treating the crashes as dips. Consequently, investors have been buying what they considered as the dip.
Since the last major selling in February 2022, more than 130 million SAND worth a little over $130 million has been bought back.
The Sandbox exchange balance | Source: Santiment – AMBCrypto
This maneuver might be based on the hope of a rally which may or may not come, but as long as SAND keeps above $1, this sentiment will continue dominating the investors.
Along with this, the expanding demand for the Metaverse is also expected to play a significant role in keeping investors optimistic.
Recently The Sandbox was deployed on the Polygon network in an effort to take advantage of the blockchain’s faster transaction speed and lesser gas fees.
🌉 We are ready to deploy LAND to @0xPolygon 🌉
🔸Each LAND bridged grants a 10 mSAND cashback!
🔸LAND multipliers on both mSAND staking programs are back!
🔸LAND sales and LAND staking features (on Polygon) are coming soon!
— The Sandbox (@TheSandboxGame) June 28, 2022
Additionally, Coinbase Wallet was also integrated with The Sandbox’s ecosystem to attract more users to its Metaverse.
These efforts, as of now, haven’t made any impact on the altcoin’s price or the network’s growth. However, it might keep things from getting worse for this altcoin.