The Sandbox Token Sees 146% Surge in SAND Trading Volume Amid Rally

On-Chain Data Signals Potential Extended Rally for SAND Trading Volume

With a 21.97% increase in the last day, SAND, the token that powers the metaverse platform The Sandbox, has had a quick ascent. This performance is significantly better than that of popular assets like Ethereum and Bitcoin, which both saw gains of only 1% over the same time frame. The trading volume of SAND has also surged, hitting $5.18 billion, a rise of more than 146.77% in a single day. Selling pressure has decreased, and daily SAND transactions have significantly increased, according to on-chain data. A protracted rally may be possible based on these criteria.

SAND Transactions Surge to 7-Day High, Indicating Strong Market Interest

Data from CryptoQuant shows that the number of SAND transactions each day has skyrocketed in recent days. For comparison, the largest number of SAND transactions over the previous seven days was 2,940 on November 23. Since a spike in an asset’s transaction count denotes greater activity and interest, this is a bullish indication for the metaverse-based token. It indicates increased market participant activity and demand. Additionally, it indicates an increasing level of trust in SAND’s price, which could push it higher.

Furthermore, there has been a noticeable rise in SAND exchange withdrawals. The token’s exchange withdrawal transactions currently amount to 877, the most in a single day since June 2023, according to data from CryptoQuant. This is a positive indicator that points to a possible long-term holding trend and greater confidence.

SAND’s Path Ahead: Break $0.66 or Retrace to $0.56 Support?

SAND is currently trading at $0.61 on the daily chart, which was last observed in April. At the moment, the price is below the resistance at the $0.66 cycle peak. This peak could be reclaimed by SAND if bullish momentum increases. On the other hand, the price of the SAND token may fall toward support at $0.56, invalidating this positive view if selling pressure increases and bullish sentiment declines.

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