tl;dr
SAND, the token for The Sandbox metaverse platform, has surged 55% in the past 24 hours, outperforming Bitcoin and Ethereum. Its trading volume has exceeded $1.91 billion, with a significant increase in daily transactions and a decrease in selling pressure, indicating potential for a sustained rally...
SAND token surges 55% in 24 hours, outpacing Bitcoin and Ethereum
The Sandbox holders adopt bullish approach with increased transactions and exchange withdrawals
SAND price prediction: Potential rally above $0.66
SAND, the token for The Sandbox metaverse platform, has surged 55% in the past 24 hours, outperforming Bitcoin and Ethereum. Its trading volume has exceeded $1.91 billion, with a significant increase in daily transactions and a decrease in selling pressure, indicating potential for a sustained rally. The rise in transaction count and exchange withdrawals signals increased activity, interest, and confidence in SAND's price. The current price is $0.61, approaching the resistance level at $0.66, with the potential for a further rally. Conversely, a decrease in bullish sentiment may lead to a price drop toward $0.56.
SAND, the token powering the metaverse platform The Sandbox, has seen a meteoric rise, surging 55% in the past 24 hours. This performance far outpaces leading assets like Bitcoin and Ethereum, which each gained just 1% during the same period. SAND’s trading volume has also skyrocketed, surpassing $1.91 billion — a climb of over 500% in 24 hours. On-chain data has shown a significant increase in daily SAND transactions and a decrease in selling pressure. These factors suggest the potential for a sustained rally.
According to CryptoQuant’s data, the daily count of SAND transactions has rocketed over the past few days. For context, on November 23, 2,940 transactions involving SAND were completed, representing the highest count over the past seven days. This is a bullish signal for the metaverse-based token because a surge in an asset’s transaction count indicates increased activity and interest. It signals higher demand and participation by market participants. Also, it suggests growing confidence in SAND’s price, potentially driving it further upward.
Additionally, a notable increase in exchange withdrawals for SAND has been observed. Per CryptoQuant’s data, the token’s exchange withdrawal transactions currently total 877, its single-day highest since June 2023. The exchange withdrawing transaction metric tracks the number of cryptocurrency withdrawals from exchanges. A spike in this metric indicates that investors are moving their assets off exchanges. This is a bullish signal, suggesting increased confidence and a potential long-term holding trend.
On the daily chart, SAND is trading at $0.61, a level last seen in April. Its price currently sits below the resistance at its cycle peak of $0.66. If bullish momentum strengthens, SAND could rally toward this peak and reclaim it. Conversely, if bullish sentiment wanes and selling pressure strengthens, the SAND token price may plunge toward support at $0.56, invalidating this bullish outlook.