The Sandbox (SAND) continued its bullish trend, hitting a new yearly high of $0.86 during Monday’s early Asian session. However, it has since pulled back by 14%, trading at $0.76 at press time.

Despite the recent surge, on-chain and technical indicators suggest that the much-anticipated $1 price target remains unlikely for now. Here’s why.

The Sandbox’s Long-Term Holders Book Profit

SAND’s price hike over the past week has prompted its long-term holders to move their previously dormant tokens around. This is reflected in the surge in the token’s age-consumed metric, which measures the movement of long-held coins. According to Santiment, this skyrocketed to a two-month high of 33.19 billion on Sunday. 

This metric’s rally is notable because long-term holders are not in the habit of moving their coins around. Therefore, when they do, especially during periods of price uptick, it hints at a shift in market trends. Significant spikes in age-consumed during a rally like this suggest that long-term holders are offloading, possibly leading to increased selling pressure.

Notably, the rise in SAND’s Exchange Flow Balance over the past 24 hours confirms the selling activity. According to Santiment, this metric, which measures the net difference between the amount of an asset sent to exchanges and the amount of an asset withdrawn from exchanges over a specific period, has climbed by 162%. 

This reflects an increase in the amount of SAND tokens being deposited to exchanges. It signals that holders are preparing to sell, possibly leading to downward price pressure.

On the daily chart, SAND’s Relative Strength Index (RSI) stands at 87.18, indicating overbought conditions. The RSI measures whether an asset is oversold or overbought, ranging from 0 to 100. Values above 70 signal that the asset is overbought and could face a decline, while values below 30 suggest it is oversold and might rebound.

With an RSI of 87.18, SAND is signaling overbought conditions, putting it at risk of a near-term pullback. If a decline occurs, its price could drop to $0.72. Increased selling pressure at this level may push SAND further down to $0.61, distancing it even more from the sought-after $1 target.

On the other hand, the SAND token price may reclaim its year-to-date high of $0.86 if the selling pressure wanes. This will invalidate the bearish thesis above.

On November 23, Solana’s (SOL) price hit a new all-time high, sparking speculation that the altcoin could rally as high as $300. While that did not happen, recent data shows that Solana traders are betting on a rebound.

Why are traders confident? This on-chain analysis explores whether these positions could deliver gains or if many are at risk of liquidation.

Solana Longs Keep Shorts Out of the Way

Data from Coinglass reveals that Solana’s Long/Short ratio on the 1-hour timeframe has climbed to 1.17. This ratio gauges market expectations, indicating whether most traders hold bearish or bullish positions.

When the ratio falls below 1, it indicates more shorts (sellers) than longs (buyers). Conversely, a ratio above 1 suggests a higher number of traders betting on a price increase compared to those anticipating a decline.

Currently, 54% of Solana traders hold long positions, while 46.17% expect a drop below $255. This indicates a bullish leaning among traders, with more optimism about the token’s price rising than falling.

Additionally, it appears that these traders’ positions could prove profitable, thanks to an uptick in Solana’s Transaction Rate, which is the number of successful transactions processed per second on its blockchain.

An increasing Transaction Rate signals heightened user activity and engagement with the cryptocurrency, while a decline indicates reduced interest. According to Glassnode, Solana’s Transaction Rate has been climbing. If this trend continues, it could propel SOL’s price past its all-time high.

SOL Price Prediction: Upside Potential Remains

On the weekly chart, Solana’s price has surged above the 20 and 50 Exponential Moving Averages (EMAs), key indicators that measure trends. When the price sits above the EMAs, it signals a bullish trend, while a drop below them typically signals bearish momentum.

With SOL currently priced at $255, above both EMAs, the altcoin seems poised to continue its upward direction. The formation of a bull flag further supports this bullish outlook.

A bull flag is a continuation pattern, indicating that once the price breaks out, it’s likely to maintain the prior upward momentum. As seen below, SOL has already broken out of the consolidation pattern and is heading higher. 

As long as the price remains above the upper trendline of the consolidation phase, it could rise toward $325. However, if selling pressure takes hold, this bullish scenario could shift. In that case, SOL might fall below $200.

The meme coin mania of the past few weeks pushed Shiba Inu’s (SHIB) price to an eight-month high of $0.000030 on November 12. Due to this hike, a significant portion of SHIB’s supply is now profitable.

However, as market sentiment shifts, many Shiba Inu holders are now opting to secure their gains by selling their SHIB coins.

Shiba Inu Holders Sell For Profit

According to IntoTheBlock’s Global In/Out of the Money indicator, 829 trillion SHIB coins held by 851,000 addresses, which comprise 62% of all the meme coins holders, are “in the money.”

An address is considered “in the money” when the current market price of the asset it holds is higher than the average acquisition cost of the tokens in that address. This indicates that the holder would realize a profit by selling their holdings at the prevailing market price.

On the other hand, 82.39 trillion SHIB coins held by 398,000 addresses are “out of the money.” These are addresses that currently hold their coins at a loss. 

With 62% of all its holders now in profit, there has been a resurgence in profit-taking activity. This is reflected in SHIB’s declining Chaikin Money Flow (CMF). As of this writing, this indicator is at 0.08, trending downward toward the center zero line.

The CMF measures the market’s buying and selling pressure. When it falls toward the zero line, it signals weakening buying momentum, indicating that market participants are losing conviction in the uptrend.

Additionally, the setup of SHIB’s moving average convergence divergence (MACD) indicator confirms this bearish outlook. At press time, the coin’s MACD line (blue) rests below its signal line (orange).

This indicator measures an asset’s price trends and momentum and identifies its potential buy or sell signals. When the MACD line falls below the signal line, it indicates a bearish trend and confirms the reversal of an uptrend. It suggests that selling pressure is increasing, and the asset’s price could decline further.

SHIB Price Prediction: A Decline To $0.000020?

SHIB is trading at $0.000025, marking a 4% decline in the last 24 hours. It remains above key support at $0.000022. If SHIB falls below this support, its price could drop further to $0.000020.

On the other hand, if profit-taking activity relaxes and the meme coin witnesses a resurgence in new demand, it will break above resistance at $0.000026 to reclaim its eight-month peak of $0.000030.