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$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.
The Sandbox Holders Adopt a Bullish Approach
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.
$SAND Price Prediction: Rally Above $0.66?
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.