Sandbox up 10% – Are SAND whales winning the battle against smart money?

Sandbox [$SAND] is among the top-performing gaming tokens in the past 24 hours. $SAND has surged by more than 10% during this period with daily trading volume exploding by 157% to above $46 million.

The entire gaming sector is up by more than 2.32%, surpassing the $5.15 billion mark. However, the overall volume of the sector is down indicating that coins like $SAND and Axie Infinity [AXS] are the most preferred.

Capital inflows from whales outweigh smart money

In detail, $SAND’s surge has been driven by capital inflows as per DefiLlama data. USD inflows have turned positive to over $3,600 from two days of consecutive outflows.

This represents a shift in sentiment as $SAND started the month of June with massive capital outflows.

Additionally, the number of holders have increased by more than 200 from 367.5K to 367.7K in less than a week, as per CoinMarketCap. This further denotes increasing confidence from on-chain holders.

On top of that, capital inflows stand positive. This is despite selling from smart money. However, whales’ capital has countered this slow selling pressure.

As per Nansen AI data, smart money shorted $10K worth of $SAND against $1.20K worth of longs. This resulted in net selling.

On the other hand, whales have long positions worth more than $157K which is 10x the value of net positions by smart money. In essence, whales’ capital inflows outrun that of its counterparts.

The perps volume shows that net positions are bullish same way as the technical outlook.

Can bulls keep $SAND rallying higher?

$SAND’s price is breaking a couple of resistance hurdles on the hourly chart. That is, $SAND has surged past two descending moving averages (MAs) and a horizontal supply zone at $0.0537.

The altcoin has turned the 200 and 100 EMAs into support with volume exploding as seen in the volume bars. The movement shows a bullish Change of Character (CHoCH) through the $0.05147 mark.

For continuation, $SAND may pull back to test the $0.05150-$0.05248 demand zone but that puts $0.0531 as resistance. The targets sits at $0.05641 with invalidation of the bullish bias at $0.0503.

Therefore, $SAND bulls may push price to the target at $0.056 or higher if the current sentiment continues. Otherwise, bears may challenge this uptrend by taking price to the demand zone at $0.0537.

The healthy retest area is at $0.0537 but the most extreme is at the EMAs support zone.

Final Summary

• Sandbox rallied more than 10% in 24 hours as capital shifted to gaming tokens sector.
• $SAND remains bullish unless price breaks below the two EMAs that act as last area of support.