Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion – SAND could target its pre-FTX level in the next few days.- The open interest rate increased, which could boost the uptrend momentum.Sandbox [SAND] is among the best performers in the new year’s rally.It posted 120% gains after rising from $0.3802 to $0.8370.
But additional gains could be likely in the coming days/weeks.At press time, SAND’s value was $0.8019 and faced an obstacle at $0.8112.
The pre-FTX level could be within reach if the bulls overcome the above hurdle.Read SAND Price Prediction 2023-24 Pre-FTX levels: Can the bulls target it? The Relative Strength Index (RSI) on the daily chart was 82 and in the overbought zone.
It shows SAND was extremely bullish and could attempt further upward movement.Therefore, SAND bulls could go beyond the $0.8112 level and reclaim the pre-FTX level of $0.9167 in the next few days/weeks.Such a move would offer 12% extra gains.However, a break below $0.7236 would invalidate the above bullish bias.
Given that the overbought condition could also influence a price reversal, such a correction could push SAND down to $0.7236.But the $0.6718 level could contain the drop.Is your portfolio green? Check out the SAND Profit Calculator SAND’s open interest rates increased, and the sentiment was positive According to Coinglass, SAND’s open interest rate (OI) has been on a steady rise since early January, with minor fluctuations.
At press time, the OI increased further as prices soared, showing more money was pumped into SAND’s futures markets.This could boost further uptrend momentum and push SAND to reclaim its pre-FTX level.In addition, investors’ outlook on the asset remained positive, as evidenced by positive weighted sentiment.The bullish outlook could further boost SAND’s efforts to aim at its November highs before the FTX saga.However, the active addresses in the past 24 hours dipped slightly and could undermine a strong rally in the short term.
Nevertheless, SAND’s trading volume could increase if BTC maintains the $22K zone and targets at $23K level.Therefore, investors should track BTC’s performance.- AVAX was among the top 10 cryptos in terms of trading volume among the top 500 BSC whales.- Performance on the price and metrics front remained promising over the last week.Avalanche [AVAX] became popular among whales once more.
As per WhaleStats, a Twitter account that posts updates regarding whale activity, it was recently revealed that AVAX was among the top 10 cryptos in terms of trading volume among the top 500 BSC whales.JUST IN: $AVAX @avalancheavax now on top 10 by trading volume among 500 biggest #BSC whales in the last 24hrs 🐳 Peep the top 100 whales here: https://t.co/f4ZJg8SIWe (and hodl $BBW to see data for the top 500!)#AVAX #whalestats #babywhale #BBW pic.twitter.com/0k4nw0aKeP — WhaleStats – the top 1000 BSC richlist (@WhaleStatsBSC) January 21, 2023 AVAX managed to remain a topic of discussion not only among whales but also in the crypto community at large, as the token made it to the list of cryptos by trending searches in the last seven days.⚡️Trending Searches (7d) by @CryptoRank_io 21 January 2023$APT $IMX $RPL $MATIC $NEAR $MINA $DOT $AGIX $ASTR $AVAX pic.twitter.com/AprDgBJpcL — 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) January 21, 2023 Read Avalanche’s [AVAX] Price Prediction 2023-24 These went in favor A major reason behind whales’ interest and AVAX’s popularity can be its recent price action as its weekly chart was painted green.According to CoinMarketCap, AVAX’s price surged by more than 6% in the last seven days and at the time of writing, it was trading at $17.16 with a market capitalization of over $5.3 billion.While the price action looked promising, several of the on-chain metrics supported AVAX throughout the last week as well.For instance, the four-week price volatility increased considerably, thanks to the surge.Both the DyDx and Binance funding rates spiked quite a few times last week, reflecting higher demand for AVAX in the derivatives market.
Negative sentiments around AVAX registered a gradual decline, which too was a positive signal.Furthermore, data from DeFiLama revealed that Avalanche’s TVL was increasing.Interestingly, Avalanche also recently announced that the first concentrated liquidity vaults went live on SteakHut, an innovative liquidity management platform.How much are 1,10,100 XRPs worth today Bulls vs Bears While the metrics remained in AVAX’s favor throughout the week, things might take a U-turn soon, as suggested by a few market indicators.CryptoQuant’s data revealed that AVAX’s Relative Strength Index (RSI) was in an overbought position, which is a major bearish signal.The Money Flow Index (MFI) also followed the RSI and was resting in the overbought zone.AVAX’s Chaikin Money Flow (CMF) registered a downtick and was headed toward the neutral mark.Moreover, the MACD displayed the possibility of a bearish crossover soon, further suggesting a price decline in the coming days.
Nonetheless, the Exponential Moving Average (EMA) Ribbon was still bullish as the 20-day EMA was above the 55-day EMA.- Despite updates regarding liquidity staking, TRX’s price was declining.
– A few of the metrics were in the buyers’ favor while the market indicators were bearish.Justin Sun, the founder of TRON [TRX] stated that the TRON foundation announced the upcoming launch of liquid staking, as outlined in TIP467.With the launch of this new feature, users will be able to seamlessly swap their staked TRX for STRX.Moreover, Tron will also be introducing a decentralized resource marketplace, as outlined in TIP484, further bringing TRON to a new level of functionality and utility.Even before the launch of the new feature, DeFiLlama’s data revealed that TRON’s total value locked has been on an uptrend for a couple of weeks, which was encouraging.#TRON is excited to announce the upcoming launch of liquid staking, as outlined in TIP467.This new feature will allow users to easily swap their staked #TRX for #STRX, increasing the overall liquidity of staked #TRX.
@trondao @trondaoreserve — H.E.
Justin Sun🌞🇬🇩🇩🇲🔥₮ (@justinsuntron) January 21, 2023 Not only this, but a few days ago TRON announced that the No.82 committee proposal had recently passed and was scheduled to take effect soon.
When the update goes live, it will facilitate the faster calculation of related transactions.Read TRON’s [TRX] Price Prediction 2023-24 However, investors should consider this Though the new feature will increase the offerings and capabilities of TRON, the network’s performance on the price front does not seem to correspond.
As per CoinMarketCap, TRX’s price decreased by more than 1.3% in the last 24 hours, and at the time of writing, it was trading at $0.06141 with a market capitalization of over $5.6 billion.A few of the on-chain metrics also raised concerns for TRX.
For example, TRX’s volume decreased considerably during the last week.The one-week price volatility declined, minimizing the chances of an unprecedented surge.Moreover, LunarCrush’s data revealed that TRX’s market dominance also declined by 20% during the last seven days.However, the development activity increased, reflecting the increased efforts of developers.TRX also managed to gain interest from the derivatives market as its Binance funding rate registered an uptick.Is your portfolio green? Check the TRON Profit Calculator More reasons to be concerned about TRON’s daily chart suggested that after a week-long bullish market, the bears were bucking up.The Relative Strength Index (RSI) registered a downtick and was heading toward the neutral mark.
TRX’s Chaikin Money Flow (CMF) also went the same way, further increasing the chances of a downtrend in the coming days.The exponential Moving Average (EMA) Ribbon, on the other hand, remained bullish as the 20-day EMA was resting above the 55-day EMA.- ETH whales favor The Sandbox amid favorable YOY NFT revenue growth.
– SAND experiences extended demand despite being overbought.The Sandbox just earned its way into the list of most used smart contracts among the top 100 ETH whales in the last 24 hours.But is this an indicator that the metaverse network is experiencing more demand? Is your portfolio green? Check out the Sandbox Profit Calculator WhaleStats has confirmed that The Sandbox received extra attention from ETH whales in the last 24 hours.Why is this important? This outcome suggests that the network is experiencing a flow of value and perhaps even an influx in demand for its offerings.
JUST IN: $SAND @TheSandboxGame once again a MOST USED smart contract among top 100 #ETH whales in 24hrs 🐳 Check the top 100 whales here: https://t.co/N5qqsCAH8j (and hodl $BBW to see data for the top 5000!)#SAND #whalestats #babywhale #BBW pic.twitter.com/FABH9f6nbQ — WhaleStats (tracking crypto whales) (@WhaleStats) January 21, 2023 On a related note, The Sandbox also released its real estate NFT sales data revealing an impressive 180% year-over-year growth.It also reported roughly $1.4 billion in sales during the same period.The Sandbox’s land market cap came in at $167 million, making it the third largest after Decentraland and Otherside.Virtual Real Estate #NFTs soared with $1.4B in sales & 180% YoY growth.@TheSandboxGame boasts $167M+ LAND Market Cap across all #metaverse platforms, proving the value and potential of virtual worlds in the NFT space.
Read on for some more stats 🧵 courtesy of @ParcelNFT pic.twitter.com/jepOvfS58I — The Sandbox (@TheSandboxGame) January 20, 2023 This has all taken place mostly during the bear market.Expectations are higher especially now that the crypto market has shifted gears in favor of the bulls.Perhaps the renewed interest from ETH whales is an indicator that it is already happening.An overview of The Sandbox’s NFT trades volumes confirms a healthy performance in the last six months.While SAND enjoyed healthy demand as far as land and other NFTs on its platform are concerned, it was not all rosy in other areas.
For example, its market cap dropped off sharply in the past six months.This performance is more representative of the overall bearish market conditions.Realistic or not, here’s The Sandbox’s market cap in BTC’s terms Bulls are strong in SAND but what lies ahead? The Sandbox’s market cap has, however, enjoyed a healthy recovery in the last three weeks.This reflects on SAND’s price action which has been recovering since the start of this month.
SAND is currently up by almost 118% from its current 12-month low.It is now approaching the 200-day MA but is already overbought.There are signs suggesting that we may start witnessing potential bull trend weakness.For example, the supply held by top addresses saw a bit of a surge at the start of this month, but it dropped off sharply since 19 January.
This suggests that the top addresses or whales are cashing out after the recent rally.Prior to that, the mean coin age pivoted since mid-month, indicating that SAND was changing hands.In other words, more investors were tempted to take profits, but this was not enough to trigger a sizable pullback.Perhaps SAND can sustain the rally for a while longer especially if healthy developments and organic demand can replenish favorable sentiment.However, the rally may not last long especially now that it is hovering above the overbought range.Top posts altcoin27 mins ago Can bullish SAND reclaim its pre-FTX levels? Technical indicators suggest… Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s…altcoin3 hours ago Avalanche receives whales’ love, will it be enough to save AVAX from bears? AVAX was among the top 10 cryptos in terms of trading volume among the top 500 BSC whales.Performance on…
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