- The Sandbox crypto (SAND) surged by 35.77% in 24 hours amidst bullish sentiment, outperforming major coins as the crypto market declined over the past day.
- SAND hit a 9-month high of $0.86 and was trading at $0.797 at the time of writing, marking one of the strongest comebacks in the market.
- The rise in SAND’s price is supported by strong on-chain activities, including a spike in whale transactions and daily active addresses, suggesting increased demand, interest, and adoption.
The Sandbox (SAND) has seen an incredible rally over the past day, massively outperforming the broader crypto market. While Bitcoin and other major cryptocurrencies decline, SAND continues to surge.
SAND’s Impressive 24-Hour Gains
Over the past 24 hours, SAND has surged 35.77% to hit a 9-month high of $0.86. This makes it the best performing major cryptocurrency during this period.
To put this in perspective, the next best performing altcoin was SEI, which gained 15.48%. Leading cryptocurrencies like Bitcoin, Ethereum, and Solana all dropped between 0.1% and 0.94%.
Memecoins like Dogecoin and Shiba Inu also underperformed, posting losses between 2.64% and 3.97%.
SAND’s Rally Continues
SAND’s 24-hour growth is just a continuation of its larger uptrend. Over the past week, SAND has surged 118.16%. And on the monthly chart, it has gained a massive 223.76%.
Clearly, the altcoin is benefiting from favorable market conditions conducive to further upside.
Surging Whale Activity Signals Bullish Sentiment
According to on-chain data from IntoTheBlock, large SAND transactions have spiked to hit a yearly high of 551. This suggests that increased whale accumulation is playing a key role in driving up prices.
In another bullish sign, SAND’s daily active addresses have jumped to 707k, also a 12-month high. More network activity indicates greater demand and interest in the asset.
Falling NVT Ratio Implies SAND Remains Undervalued
The NVT ratio for SAND has steeply dropped over the past week from 27.943 to 6.519. A declining NVT suggests the cryptocurrency is still undervalued relative to its network activity and use.
Outlook Remains Bullish With Upside Potential
Given the strong technical and on-chain signals, SAND looks poised to continue its uptrend. If bullish momentum holds, the next key resistance level sits around $0.89.
While the broader crypto market struggles, SAND is defying the downtrend. Its impressive performance shows the altcoin has broken out and has substantial upside potential still ahead.
