thenewscrypto.com
- SAND surges 37%, outperforming altcoins with massive volume growth.
- On-chain data shows increased transactions and reduced selling pressure.
The crypto market may be in a brief slump, with the bulls taking a power nap as the market declines 0.49% over the past 24 hours. This follows a week of strong performances, highlighted by new altcoin all-time highs (ATHs) and Bitcoin‘s surge past the $99K milestone. Amid these, one token has emerged as the top gainer—SAND, the metaverse-based cryptocurrency powering The Sandbox platform, which has surged by 37% in the past 24 hours.
SAND’s recent surge isn’t just a result of its price spike but also an impressive uptick in trading volume, which has shot up by 414%. Earlier today, the token reached a nine-month high of $0.8680. For the past week, SAND’s price has increased by a staggering 123%, solidifying its bullish momentum.
Meanwhile, On-chain data provides additional reasons for optimism, with a notable increase in daily SAND transactions and decreased selling pressure. Data shows that on November 23, 2,940 SAND transactions were completed, marking the highest transaction count in the past week. This suggests strong demand and increasing confidence in SAND, potentially signaling the continuation of its rally.
SAND Emits Bullish Vibes
Another bullish signal comes from a spike in exchange withdrawals. Data from CryptoQuant reveals that SAND’s exchange withdrawal transactions reached 877, the highest since June 2023. This trend indicates that investors are moving their assets off exchanges, signaling increased confidence in SAND’s long-term prospects.
If bullish momentum persists, it could surpass this resistance, opening the door for further gains. However, if market sentiment shifts, a potential drop to $0.56 could invalidate this bullish outlook.
With high-profile collaborations and a rising trend in virtual spaces, analysts suggest SAND’s future looks promising. But, with the daily RSI at 88, the token is currently in overbought territory, suggesting that caution is warranted in the short term.