2021 was a volatile but exciting year for the crypto market, and 2022 introduced new investors to the realities of a bear market. Bitcoin’s price surpassed $37,000 again after a year and is expected to reach the price levels during the period when the Fed started cutting interest rates. However, how did popular altcoins, especially SAND Coin, fare in 2021?
The excitement brought by Binance’s settlement process led to significant fluctuations in the market. Due to the uncertainty caused by unpredictability, investors’ interest in cryptocurrencies like SAND Coin decreased, and they took on an observer position. A $8 million position was closed before the details were clarified. However, 24 hours later, the SAND derivative market recovered with a $4 million capital inflow.
It is evident that SAND Coin received more attention after the Binance incident, and investors believed in the rise. The increase in open positions following the sharp price decline may be a sign of a change in market sentiment. Investors entering new positions are focused on the rise, and the 8% increase in price confirms their correctness.
Investors wanted to evaluate the local bottom level of SAND Coin, which fell to $0.36 on Wednesday. The top 20 investors in the Sandbox metaverse ecosystem accelerated their purchases especially around November 15. These investors increased their SAND assets from 2.39 billion to 2.40 billion between November 15-20 and accumulated 10 million SAND during the recent price decline.
For the upward momentum of SAND Coin to gain strength, it needs to surpass the $0.45 resistance level and close above this level. We have previously emphasized the importance of this resistance level. If the bulls can break this resistance, the $0.5 and $1 regions can be targeted. However, if the SAND price falls below $0.35, the bullish scenario may become invalid. For now, the popular metaverse altcoin is hovering around $0.39, just above the $0.4 level. Bitcoin, on the other hand, is at $37,200.