bullish

The Sandbox

Memecoin

<ul class="wp-block-list">
 <li>SAND’s price dropped 20%, trading at $0.6061, with a 19.54% fall in the market cap.</li>
 <li>The Exchange flow balance rose by 162%, indicating heightened selling activity.</li>
</ul>
The Sandbox (SAND) recently reached a yearly<a href="https://thenewscrypto.com/elon-musk-and-dogecoin-foundation-to-push-doge-to-new-highs/" target="_blank" rel="noopener noreferrer nofollow"> high</a> of $0.86. However, the price has dropped 20% in the past 24 hours, now trading at $0.6061. Its market cap has fallen 19.54% to $1.47 billion, while trading volume plunged 59.37% to $2.06 billion. The volume-to-market cap ratio stands at 141.22%, signaling intensified activity despite the decline.
Dormant tokens are entering the market, with the age-consumed metric spiking to a two-month high of 33.19 billion, according to <a href="https://x.com/santimentfeed/status/1861207097561510032" target="_blank" rel="noopener noreferrer nofollow">Santiment</a>. Additionally, the exchange flow balance surged by 162% in 24 hours, indicating a higher movement of SAND tokens to exchanges, potentially for selling. These metrics confirm increased bearish sentiment in the market.
<h3 class="wp-block-heading" id="h-sand-s-battle-at-key-support">SAND’s Battle at Key Support</h3>
SAND currently trades below key support at $0.61, as per the technical chart. The 9-day moving average stands at $0.476, and the 21-day moving average at $0.3727. A bullish crossover between these moving averages occurred recently, but the current price movement hints at weakening momentum.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="472" src="https://thenewscrypto.com/wp-content/uploads/2024/11/SANDUSDT_2024-11-26_17-19-26-1024x472.png" alt="" class="wp-image-115696" srcset="https://thenewscrypto.com/wp-content/uploads/2024/11/SANDUSDT_2024-11-26_17-19-26-1024x472.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/11/SANDUSDT_2024-11-26_17-19-26-300x138.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/11/SANDUSDT_2024-11-26_17-19-26-768x354.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/11/SANDUSDT_2024-11-26_17-19-26-1536x708.png 1536w, https://thenewscrypto.com/wp-content/uploads/2024/11/SANDUSDT_2024-11-26_17-19-26.png 1814w" sizes="auto, (max-width: 1024px) 100vw, 1024px">
</figure>
The RSI (Relative Strength Index) is at 67.14, hovering near overbought levels. If the selling pressure persists, SAND may further test the <a href="https://thenewscrypto.com/will-solana-break-key-resistance-or-fall-to-support-levels/" target="_blank" rel="noopener noreferrer nofollow">support </a>at $0.61 or drop toward $0.50. On the upside, reclaiming $0.86 as resistance is crucial to reversing the current trend. A successful breakout could set the stage for a rally toward $1.
If selling pressure continues, SAND could further test the $0.61 support level or drop toward $0.50. On the other hand, reclaiming $0.86 as resistance remains critical for a bullish recovery. A successful breakout above this level might pave the way toward the psychological $1 mark. However, sustained <a href="https://thenewscrypto.com/ethereum-confronts-brief-price-dip-post-recent-upward-rally/" target="_blank" rel="noopener noreferrer nofollow">upward </a>movement would depend heavily on a reduction in selling pressure and increased buying volume.
For SAND to stabilize and recover, easing the ongoing sell-offs is crucial. Holding above $0.61 could restore trader confidence, allowing the price to revisit its recent high of $0.86. Until such conditions are met, caution is advised as the market leans bearish in the short term.&nbsp;
Highlighted Crypto News Today <a href="https://thenewscrypto.com/why-did-cz-call-the-memecoin-market-weird/" target="_blank" rel="noopener noreferrer nofollow">Why Did CZ Call the Memecoin Market ‘Weird’?</a>

Sandbox (SAND) Faces Bearish Pressure After Hitting Yearly High

Table of Contents

TheNewsCrypto

Other articles published on Nov 26, 2024

Binance Airdrop Portal Welcomes Thena (THE) as Second Project

WisdomTree Files for Ripple (XRP) ETF in Delaware

Couldn’t Join Brett’s Early Rally? This Best New Meme Coin is Your Chance to Convert $150 into $2...

XRP Price Shows Strong Gains as Investors Accumulate

Best Crypto to Buy Now Amid Market Dip

NEAR Protocol to Build World’s Largest Open-Source AI Model with 1.4T Parameters

Join our free newsletter for daily crypto updates!