The Sandbox crypto rises 35% in 24 hours, hits 9-month high: What’s next?

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  • The Sandbox crypto surged by 35.77% in 24 hours amidst bullish sentiment.
  • Sandbox has outperformed major coins as crypto has declined over the past day.

As a seasoned analyst with over two decades of experience in the financial markets, I must admit that the current performance of The Sandbox (SAND) is nothing short of impressive. While the broader crypto market has been grappling with bearish sentiments, SAND has managed to stand tall and outperform most of its peers.

For the past day, there’s been a significant drop in the cryptocurrency market, with Bitcoin [BTC] reaching an all-time low of $96K.

Contrary to many other altcoins that struggled in a downward market trend, The Sandbox [SAND] notably defied the norm. Instead, it staged a powerful recovery, reaching a 9-month peak at $0.86.

The Sandbox crypto stands tall

Yesterday, Sandbox (SAND) saw the highest gains among major cryptocurrencies. At the moment of writing, it’s being traded at approximately $0.797. Remarkably, this represents a significant surge of 35.77% compared to its value from the previous day.

Over that same timeframe, SEI was the closest-performing altcoin, climbing by approximately 15.48%.

The prominent cryptocurrencies like Bitcoin, Ethereum (ETH), and Solana (SOL) have experienced a slight dip, with reductions of approximately 0.01%, 0.81%, and 0.94% respectively.

This trend was also consistent among top memecoins with Dogecoin [DOGE] declining by 2.64%, Shiba Inu [SHIB] by 3.97%, and PEPE by 2.33%.

In recent days, SAND has shown strong performance, but this growth aligns with its broader upward trend. On a weekly basis, the coin has experienced a significant surge of 118.16%, while on a monthly scale, it’s soared by an impressive 223.76%.

Therefore, this reflects the current market conditions as overall bullish and not an isolated case.

A yearly high next?

It appears that at the moment, SAND is benefiting from positive market trends, which might lead to further increases in its price.

It’s clear that investors have a very positive outlook and expect more profits, as shown by the increase in significant investor activity, often referred to as ‘whale’ activities.

Based on information from IntoTheBlock, a significant increase in large transactions has reached its highest point this year at 551. This trend indicates that the ‘whale’ investors are highly active and seem to be significantly influencing price movements by amassing more assets.

The number of daily active addresses on the SAND platform has soared to reach a peak of 7,070 this year, indicating a surge in activity. This increase suggests a more engaged market with rising involvement, desire, curiosity, and acceptance.

This indicated that the price is supported by strong on-chain activities and not speculation.

Over the last seven days, we’ve observed a decrease in the NVT ratio, which was initially at a peak of 279.43 but has now dropped down to 65.19.

As a researcher, I’ve observed that when the NVT (Network Value to Transactions) ratio experiences a significant dip, it typically indicates an uptick in on-chain activity. This surge in activity is often a precursor to price increases.

Read The Sandbox [SAND] Price Prediction 2024-25

In essence, this implies that despite the increase in prices, SAND continues to be underpriced compared to its actual worth, as the market has not yet reached its true value.

To sum it up, SAND appears to be experiencing a significant increase in price, and optimistic market feelings might push it even higher. If the current trend persists, we can expect the next resistance level for this coin to be approximately $0.89.

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2024-11-25 21:11