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

ambcrypto.com:

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