SAND Token Rises 20% as Saudi Arabia Announces Collaboration with The Sandbox

Key Points: SAND reached a peak of $0.940, an increase of 22.8% after the collaboration between Saudi Arabian and The Sandbox.
With 12% of the supply set to be released on February 14, selling pressure could surpass the recent increase.
According to TradingView statistics, the Sandbox token price was at its highest point at $0.942, an increase of 22.8%. The token started to rise after the announcement of a memorandum. The token is currently trading at 0.8161, a 10% decrease over the last 24 hour. The January bull run witnessed by Metaverse tokens was unexpected. SAND hit a new high of $0.94 in January – up from $0.38 at start of year. Selling pressure could be greater than the recent increase with 12% of the supply set to be released on February 14. About half of the unlock is reserved by advisors and investors. Conor Ryder, Kaiko Research Analyst, believes that August’s last unlock could be a good indicator.
These investors sold en masse as soon a chance presented itself in August. This created huge selling pressure for SAND which, despite outperforming ETH by 20%, underperformed ETH by 20%. We also look at Binance’s SAND-USDT market, which is the largest.

As you can see, almost 75% of all significant trades on the day following the unlock, August 14, were sell orders. Investors wanted to cash out SAND. The sell pressure continued for the days following the unlock, with sell orders dominating buys. As a result, the allocation of unlocks favors investors. Token performance has been affected by unlocks.
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