SAND is not follow the market, is metaverse trend ended?

SAND is not follow the market, is metaverse trend ended?

After a month-long decline and hawkish remarks by Fed Chairman Jerome Powell, crypto investors have finally seen some relief over the past 10 days thanks to the bull market.

According toCoinGecko, the global crypto market capitalization has increased by 9% in the past 30 days. Last week saw the price of “failed” coins like LUNC and LUNA increase by 235% and 96% respectively. Assets such as HNT, ATOM, ETC, EOS and GRT have all recorded double-digit gains > 10% in the last seven days.However, it's worth pointing out that Metaverse tokens seem to have missed out on a lot of that growth. ApeCoin's APE is up just 7% for the week, Sandbox's SAND is up 6%, while Decentraland's MANA is up just 2%.

Well, it looks like investors' attention has shifted from highly volatile metaverse-linked assets to safer assets like stablecoins.

A simple Google Trends search shows that interest in Metaverse-related activities has dropped significantly over the past few months. Thus, the failure of Metaverse-linked crypto assets to witness any major price growth over the past few weeks can be explained.

Source: Google Trends

SAND holders should know that…

According to CoinMarketCap, SAND is trading at $0.983 at press time. Ranked 40th by market cap, its price is up 1% in the last 24 hours. Trading in a tight range since mid-August, the Metaverse token trades around the October 2021 price. It is also shy of 88% from the all-time high of $8.44 reached. in November of last year.On the daily chart, a look at the token's Moving Average Convergence Divergence (MACD) indicates the start of a new bull cycle on September 4. However, this is unlikely. is considered an indication of the performance of the SAND as it only follows the trajectory of the crypto market as a whole.

Looking at indicators like the Chaikin Money Flow (CMF) and the Relative Strength Index (RSI) provide a clearer outlook. At 0.01 in a downtrend, the CMF of SAND is positioned south, indicating waning interest in SAND accumulation. Additionally, the asset's RSI is below the 50-neutral zone at 45, suggesting that buyers have started to get tired.

Source: TradingView

On-chain SAND

It is understandable that the price performance of a crypto-asset has a lot to do with growth on its network. As for the SAND, not much traction is seen on that front.

According to data from Santiment, daily active addresses dealing with SAND have been steadily decreasing since Aug. 25. The same read 268 addresses, at press time. New addresses on the network also fell 67% during the same period.Source: Santiment


refuse going forward, the road ahead may be difficult for SAND holders as the majority of investors can distribute Metaverse tokens and seek to secure more stable assets.


Sep 11, 2022

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