In the past bull season, one of the stars, the king of Metaverse, Sandbox (SAND) displayed an impressive price performance with a rise in the last 24 hours. Considering the latest data, it can be suggested that the upward trend may not stop soon. In such a case, SAND could reach higher levels in the last days of 2023.
Comments on Sandbox (SAND)
According to 21milyon.com data, the price of SAND has increased by approximately 30% over the last seven days. In just the last 24 hours, the value of the token has risen by 16%.
As of the time of writing, SAND was trading at $0.6008 with a market value of over $1.3 billion. Additionally, its trading volume had increased by 149%, which seemed to be laying the groundwork for a bull rally.
In our recent article examining metaverse tokens, we mentioned that SAND had already achieved a double-digit rise. According to some analysts, this increase could just be the beginning of the bull season.
Will SAND Rise?
Looking at the latest data, things could be much better for Sandbox than expected. Renowned cryptocurrency analyst Ali Martinez recently demonstrated his knack for accurate predictions with his comments on the rise of BNB.
Martinez, who also commented on SAND in recent days, published a tweet highlighting the possibility of an uptrend if it surpasses $0.55. What could excite investors about SAND is the analyst’s remark about the lack of any key resistance zones in the near future.
Data provided by Hyblock also contained similar indicators. According to Hyblock data, SAND was harboring high liquidations at the $0.53 region, which is considered a support level. More importantly, as seen in the graph below, there was no significant resistance level before the $1 mark.
Despite positive movements in SAND’s daily and weekly charts, selling pressure was still on the rise at the time of writing. According to data from CryptoQuant, SAND’s exchange reserve increased, indicating selling pressure.
Data from Santiment, however, showed a sharp increase in SAND’s supply on exchanges in the near past, while there was a decrease in supply outside of exchanges. Moreover, the interest of whales in the token was at a high level. As can be understood from the supply held by whale addresses, confidence in SAND seems to be growing.
On the other hand, looking at the daily chart below, SAND’s Relative Strength Index (RSI) has fallen below the neutral zone and is at the 44 level. This could also be interpreted as investors making sales.
Looking at the Chaikin Money Flow (CMF), it hovered around the neutral zone all day, which could indicate a slow flow. Whether investors who remember the rises SAND experienced in the 2021 bull season can push the altcoin to new ATHs can only be shown by time.
