Will SAND’s upcoming resistance push it below its current price floor

If you have been closely watching SAND’s performance, you may have noticed that it consolidated into its current range. The $2.8 price level seems to be acting as a healthy price floor. However, that might soon be called into question now that the sideways price action is closing in on its descending resistance.

SAND’s long-term price action has been restricted within a descending price channel underscored by support and resistance. An interaction with the resistance line is thus expected to yield some downside unless there is a breakout. In SAND’s case, the price might have to drop its current floor in favor of more downside in the next few days.

Source: TradingView

The outcome of SAND’s price action will ultimately depend on whether its current price floor is built on a strong foundation. The price has barely achieved much downside or upside amid changes in key metrics. For example, its market cap registered a notable uptick in tandem with a volume increase. However, the supply held by whales registered outflows in the last two days.

Source: Santiment

SAND’s price action barely registered any significant downside to reflect the outflows from whale addresses. SAND’s supply dynamics also reveal a similar observation. For example, the balance on addresses holding between one million and 10 million grew from 4.42% to 4.4% from 1 June to 7 June, though dropped slightly in the last 24 hours of 8 June.

Source: Santiment

The balance on addresses holding more than 10 million decreased slightly from 90.64% to 90.27% during the same period. However, it bounced to 90.55% in the last 24 hours of 8 June. None of those changes triggered any significant price changes.

The lack of any significant price changes despite the changes in SAND’s