The price of Bitcoin tested the $38,000 resistance level again but retreated from $37,980. Will the rise that excites altcoin investors continue? It is expected that resistance levels, which are tested several times during the upward periods, will be broken. Just like the support levels that have been tested and lost many times in the past 1.5 years. So, what are the expectations for SAND Coin?
About 8 days ago, The Sandbox announced its latest partnership with GUCCI. After this news, whales aggressively started buying SAND Coin. The announced partnership will allow GUCCI users on The Sandbox platform to explore decades of luxury fashion history and iconic designs through an immersive interactive journey.
Although the excitement in the Metaverse sector has decreased, the SAND Coin team is striving to stay in the spotlight with new partnerships. The fruits of these steps can be obtained in bull markets, which are expected to gain momentum next year. Altcoins that stand out in the Metaverse sector are more likely to attract institutional demand and can rise in price accordingly. In this regard, the latest step taken is positive for the 2024 outlook.
Speaking of whales, wealthy investors focusing on long-term expectations bought 30 million SAND tokens between November 11 and November 16. Their cumulative balances climbed from 749 million to 779.30 million.
When comparing the balance between buyers and sellers, the data from November 10 indicates that SAND Coin buyers are significantly dominant. This indicates that the short-term price route could be towards the north. With a market value exceeding $926 million on November 16, the popular altcoin could be on the verge of breaking free from the gloomy atmosphere of bear markets.
On-chain data turns this region into a strong resistance level due to the size of purchases at $0.5. However, if the price can surpass this critical threshold, it can run towards $1 and then higher peaks. In the opposite scenario, if BTC shows significant weakness and pulls the SAND Coin price to the $0.41 and $0.35 range.
Closing above $0.49 on the weekly chart indicates a move towards the $0.61 and $0.72 resistance levels, pointing to the $0.89 threshold. A move above this level could allow the rally to gain further momentum and target the $1.44 peak. The most optimistic targets in the medium term are $2.77 and $3.88.