Can the SAND Token Price Rally Be Sustained?
sandthe token that powers the Metaverse platform sandboxrising rapidly, soaring 55% in the past 24 hours. This performance far outpaced leading assets such as Bitcoin and Ethereum, which gained just 1% in the same period. SAND trading volume also surged, exceeding $1.91 billion, an increase of more than 500% in 24 hours.
On-chain data shows that daily SAND trading volume has increased significantly and selling pressure has decreased. These factors point to the potential for a sustained rebound.
Sandbox holders take bullish stance
According to data from CryptoQuant, Daily SAND transaction volume has surged over the past few days. Specifically, on November 23, 2,940 transactions involving SAND were completed, which was the highest number in the past seven days.
This is a bullish signal Metaverse-based tokens Because a surge in the number of asset transactions indicates an increase in activity and interest. It signals higher demand and participation from market participants. Additionally, this indicates growing confidence in SAND prices, potentially driving them higher.
Additionally, exchange withdrawals from SAND increased significantly. According to CryptoQuant data, exchange and withdrawal transactions for the token currently total 877, which is the highest single-day level since June 2023.
The exchange withdrawal trading indicator tracks the amount of cryptocurrency withdrawn from an exchange. A surge in this indicator indicates that investors are moving assets off exchanges. This is a bullish sign, indicating increased confidence and a potential long-term holding trend.
SAND Price Prediction: Bounce above $0.66?
On the daily chart, SAND is trading at $0.61, a level last seen in April. Its price is currently below the resistance at the cycle peak of $0.66. If bullish momentum builds, the SAND could rally to that peak and recapture it.
Conversely, if bullish sentiment weakens and selling pressure intensifies, SAND token price could plummet to Support at $0.56 invalidates this bullish outlook.
Disclaimer
conform to trust project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
