SAND, the Token that runs the metaverse platform The Sandbox, has seen a spectacular surge, growing 55% over the past 24 hours. This level of performance far exceeds leading assets such as Bitcoin and Ethereum, which are each up just 1% over the same time period. SAND’s trading volume has also skyrocketed, exceeding $1.91 billion — an increase of more than 500% in just 24 hours.
On-chain data has shown a significant increase in the number of daily SAND transactions and an easing of selling pressure. These factors suggest the possibility of sustained long-term growth.
Holder The Sandbox Accepts Growth Direction
According to data from CryptoQuant, the number of daily transactions of SAND has increased sharply over the past few days. To clarify, on November 23, there were 2,940 SAND-related transactions completed, representing the highest number in the past seven days.
This is a positive signal for tokens based on the metaverse because a sharp increase in the number of transactions of an asset indicates an increase in activity and interest. It signals higher demand and strong investor participation. It also shows growing confidence in the value of SAND, which could push prices higher.
Furthermore, there has been a notable increase in exchange withdrawals for SAND. According to data from CryptoQuant, the total number of Token withdrawals from the exchange is currently 877, the highest in a single day since June 2023.
The Exchange Withdrawal Index tracks the number of Token withdrawals from exchanges. A boom in the index suggests investors are moving their assets off exchanges. This is a positive signal, suggesting an increase in confidence and a long-term holding trend.
SAND Price Forecast: Rising Above 0.66 USD?
On the daily chart, SAND is trading at $0.61, a price last seen in April. Currently, its price is below cycle top resistance at $0.66. If the growth momentum is stronger, SAND could surge to this level and recapture it.
Conversely, if bullish sentiment weakens and selling pressure increases, the price of the SAND Token could fall to support at $0.56, invalidating this positive outlook.