- SAND has outperformed major cryptocurrencies, soaring 55% in 24 hours to $0.61.
- Transaction count and exchange withdrawals for SAND have reached multi-month highs, indicating increased market confidence.
- Resistance lies at $0.66, with strong support at $0.56 if momentum weakens.
SAND, the utility token for the metaverse platform The Sandbox, has seen a remarkable 24-hour price increase of 55%, significantly outshining Bitcoin and Ethereum, which both gained just 1% during the same period. This surge has pushed SAND’s price to $0.61, a level last observed in April, while trading volume has exceeded $1.91 billion, marking a more than 500% increase in just one day.
On-chain metrics reveal heightened activity and interest in the token. Data from CryptoQuant shows that the daily number of SAND transactions reached 2,940 on November 23, the highest in the past week. Analysts interpret this as a positive signal for the token, reflecting growing demand and participation among market players.
Exchange Activity Signals Long-Term Confidence
In addition to the rise in transaction count, exchange withdrawals of SAND have spiked, with 877 withdrawal transactions recorded in a single day — the highest level since June 2023. Such activity suggests that investors are transferring SAND from exchanges to personal wallets, often a sign of a long-term holding strategy.
This shift in behavior indicates a bullish sentiment, as investors show increased confidence in the token’s future price trajectory. The combination of rising transaction volumes and a decline in exchange-held SAND adds to the optimism surrounding its near-term performance.
Can SAND Break Resistance at $0.66?
Currently trading just below its cycle peak resistance at $0.66, SAND could see further upside if bullish momentum continues. Analysts suggest that reclaiming this level would solidify the token’s recovery, opening the door for further gains in the metaverse sector.
However, any increase in selling pressure could lead to a retreat toward the $0.56 support level, which has acted as a critical floor for the token. Market participants are closely watching whether SAND can sustain its rally or face a temporary pullback in the coming days.
