The last 20 days have been particularly bearish especially after July’s impressive run that sent many cryptocurrency assets logging new price highs. The leading coin, Bitcoin [BTC][1], has declined by 9%. Ethereum [ETH][2] has also dropped by 3% since the beginning of the month. Metaverse tokens have not been spared, as many have posted double-digit losses since the beginning of this month. Amongst them is Sandbox [SAND][3], which has dropped by 24% since 1 August. In the past seven days alone, the token declined by 22.13%, data from CoinMarketCap[4] showed.
Not much to look forward to here
As the token’s price fell in the last week, trading activity on the network also declined. Per data from Santiment, trading volume for SAND had gone down by over 25% in the last week.
Source: Santiment
Currently trading at its October 2021 level, SAND exchanged hands at $1.07 as of this writing. Per data from CoinMarketCap[5], the price of the leading metaverse token had only grown by 0.57% in the last 24 hours.
In addition, selling pressure rallied for the SAND token in the last week. At the time of writing, the Relative Strength Index (RSI) stood at 34. Also spotted in a downtrend and signifying waning token accumulation, SAND’s Money Flow Index (MFI) was 42 at the time of writing.
Source: TradingView
Before you wash off SAND
Despite logging a decline on a price front, on-chain data revealed that SAND’s network activity made some traction in the last seven days. The total addresses with balance on the SAND network stood at 150,000 addresses at press time. According to data from IntotheBlock[6], new addresses on the network grew by 18.15% in the past seven days.
