How has The Sandbox [SAND] fared a week after unlock? Unravelling…

ambcrypto.com:

Under the scrutiny of traders and onlookers, the unlock for The Sandbox [SAND] token occurred a week ago today, on 14 February. The general status of the market and the expected effect of more token supply on the price of SAND contributed to the heightened expectation of the event.

Read The Sandbox’s [SAND] Price Prediction 2023-24

14 February saw the release of 12% of the overall supply of SAND, the same percentage as the previous unlock in August. Around 50% of the aforementioned 12% was allocated to investors, a sizeable portion compared to previous unlocks.

Many significant SAND sell orders for its most liquid USDT pairings were seen in the days following the unlock. For example, on 15 February, 55% of all orders were to sell, adding an extra $7 million in selling pressure to the USDT pair.

Source: TradingView

SAND saw a price increase from 17 – 20 February, adding 14.77% to its worth, according to a daily timeframe analysis. There has, however, been a strong sell push and a value decline as of this writing. A drop of about 8% was seen, trading at about $0.76.

In addition, the Relative Strength Index provided evidence that the bullish momentum was diminishing. As of this writing, the RSI line was above the neutral line, but it was more likely to go below it shortly.

Also, a review of the whale’s transaction activity revealed that whales were having a go at SAND. A closer look at the graph revealed a substantial amount of activity. However, a more thorough examination of the whale transactions revealed a significant increase on 20 February.

The increase was the second-highest for the asset in more than four months. The spike added it to the list of coins that, according to Santiment‘s analysis, were experiencing