Metaverse altcoins have largely been abandoned and experienced deeper lows in the second half of 2023. After being everyone’s favorite at the end of 2021, the metaverse lost its popularity as institutional players shifted their focus elsewhere. However, there are signs of recovery, and SAND is now showing signs of bouncing back.
The Sandbox (SAND)
The SAND Coin price continues to find buyers in the $0.30 region, which is the lowest level since August 2021. BTC recently initiated a move towards $26,900, but it remains uncertain whether this will fizzle out like previous attempts. On the other hand, Facebook’s (Meta) recent move has had a positive impact on SAND’s on-chain performance.
Like most metaverse tokens, Sandbox’s price performance in the second half of 2023 has been relatively low. Sandbox witnessed a noticeable increase in new users with the release of Facebook’s AI-powered Ray Ban smart glasses. On-chain data compiled by Santiment suggests that 278 new wallets were created on September 27.
This increase was significant as The Sandbox had not seen these numbers since around July 24 due to the Meta launch.
Facebook’s latest product signals a renewed interest in the metaverse space. This could mean a price increase for Sandbox. In fact, SAND’s daily active addresses reached a monthly peak of 697 on September 27. All these indicators show that excitement is starting to build.
SAND Coin Price Predictions
The recovery in on-chain performance could be a leading signal for price increases. Investors should keep an eye on possible peaks, especially if there is an improvement in overall market sentiment. If the optimistic scenario unfolds and an altcoin rally begins with ETH ETF approvals, SAND Coin investors will likely see a move towards $0.45.
The strongest resistance ahead for bulls is at $0.4. The upward expectation can reverse if the $0.29 support is lost. In that case, we may see deeper lows towards $0.25 and $0.2. At the time of writing, the price of Bitcoin was at $26,900. ETH reached $1,645 with the ETF news. However, investors are being warned about the potential risk of a sudden drop in Bitcoin as thousands of profitable BTC are being moved to exchanges throughout the day.
