The Sandbox (SAND), a star of the previous bull season, has shown an impressive price performance in the past 24 hours, suggesting the uptrend might continue. With the recent data in mind, SAND could reach higher levels by the end of 2023.
According to 21milyon.com, SAND’s price has increased by approximately 30% over the last week, with a 16% rise in just the past 24 hours. At the time of writing, SAND was trading at $0.6008 with a market cap exceeding $1.3 billion, and its trading volume had surged by 149%, laying the groundwork for a potential bull rally.
Recent analysis of metaverse tokens indicated that SAND had already achieved a double-digit rise. Some analysts believe this uptick is just the beginning of a bull season.
Notable crypto analyst Ali Martinez, known for his accurate prediction on BNB‘s rise, has also commented on SAND’s potential. He suggested that if SAND maintains above $0.55, it could see further gains, noting that SAND currently lacks any significant resistance levels in the near term.
Hyblock’s data supports this optimistic outlook, indicating that SAND has significant liquidations at a support level of $0.53. Importantly, there seems to be no major resistance level before the $1 mark, as depicted in the provided graph.
Despite positive trends in SAND’s daily and weekly charts, selling pressure remains high at the time of writing. Data from CryptoQuant shows an increase in SAND’s exchange reserve, hinting at selling pressure. Conversely, Santiment’s data reveals a sharp increase in SAND’s supply on exchanges recently, with a decrease in off-exchange supply, and high interest from whale addresses, suggesting growing confidence in SAND.
On the other hand, SAND’s Relative Strength Index (RSI) has dropped below the neutral zone to a level of 44, which could be interpreted as investors making sales. The Chaikin Money Flow (CMF) hovered around the neutral zone all day, possibly indicating a slow flow. Whether investors who remember SAND’s surge in the 2021 bull season will drive it to new all-time highs remains to be seen.
