Sandboxie (SAND) reclaimed the $0.50 milestone after slipping below $0.48 earlier this week. Multiple on-chain metrics are now pointing towards a prolonged SAND bull rally towards $0.60. Will This Positive Sand Price Prediction Be Valid?
Paris Hilton announced on May 22 launch ahead of her Los Angeles concert of an Avatar collection at The Sandbox Metaverse. Coincidentally, the SAND price has gained 6% since that announcement and some important on-chain metrics have seen a positive jump.
What are the chances that the ongoing sand price rise will develop into a longer rally?
sandbox network activity is ramped up
This week, the sandbox has seen a significant increase in the number of active users interacting with the network. Daily Active Addresses (DAA) The metric sums up all wallet addresses that have made and transacted on a given day.
The chart below shows that The Sandbox DAA From 488 on May 21 to 656 on May 24 has increased by 34%.
As seen above, active users of the sandbox have increased since Paris Hilton’s announcement on May 22, though other factors may be at work.
Given the historical correlation between the past surge in sand prices and spikes in DAA, holders can expect further gains in the coming days.
Whale Investors Are Bullish
In addition, there has been a significant increase in the number of whales throughout the sandbox network since May 22.
The red line in the chart below shows how whale groups with one million to 10 million tokens began buying around May 22nd.
Since then, he has instantly added 6.92 million SAND tokens to his wallet balance.
At the current market price of $0.51, these newly added 6.92 million tokens are worth approximately $3.5 million. When crypto whales invest such a huge amount within a couple of days, it suggests that they are positioned for some bullish action.
To sum up, an increase in network activity and an accumulation wave among whale investors could propel SAND price above $0.60.
Sand Price Prediction: Bulls Eyeing $0.60
intoblock in / out of the money (IOMAP) data shows that SAND must break above $0.53 for the bulls to take firm control. However, the rally could be slowed by 1,740 investors who bought 39.5 million SAND tokens at an average price of $0.53.
But, with the current positive market dynamics mentioned above, the bulls will likely find a push towards $0.60.
On the other hand, if there is a break below the crucial $0.50 support, the bears could invalidate the sandbox price prediction.
But a potential wall of demand from 2,000 investors who bought 15.8 million SAND at an average price of $0.50 could propel the price.
If that support cannot be sustained, SAND price could decline further towards $0.45.
disclaimer
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your research and seek professional advice before making any financial decisions.