More user engagement will raises chances of higher demand for the SAND token. Such an outcome may help boost investor confidence, thus shifting the sentiment in favor of the bulls.Source: Santiment
SAND was trading at $0.90, at press time, after encountering friction at the 50% RSI level. If the Alpha Season 3 launch spurs a sentiment boost, then we should expect SAND to receive a relative strength boost. Such an outcome would lend favor to the market bulls. Despite the above expectations, however, SAND’s 7-day circulation remains at its lowest levels in 4 weeks.The low circulation confirms that sentiments are yet to shift, and no significant volume change has occurred so far. However, that might be about to change, especially considering the observed increase in whale activity over the last 24 hours at press time.
Whale transaction counts for transactions above $100,000 dwindled between 20-23 September. The same metrics registered a notable activity boost on 24 September.Although there was an increase in whale activity, it remains unclear whether they have contributed to the sell pressure at the 50% RSI level. Perhaps, they might have cancelled out the exiting sell pressure at the same level, thus the lack of significant downside in the last 24 hours.Most of the whale categories have now started buying.