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Join Telegram ChannelWhy Did Sandbox Price Jump More Than 50% Yesterday? Although the cryptocurrency market had a down day, including Bitcoin, Sandbox (SAND) experienced a tremendous rally.
Key Highlights
- Daily transactions involving SAND have increased significantly in recent days.
- A significant increase in Sandbox token withdrawals also contributed to the surge.
According to BeInCryptoSandbox prices are about to jump 55% yesterday, while Bitcoin and Ethereum showed minimal movement. SAND trading volume skyrocketed, growing by 500% exceeded $1.91 billion.
Transaction Activity Increases
CryptoQuantity data shows that daily transactions involving SAND have increased in recent days. For example, on November 23 (December 3 in the Persian calendar)2,940 SAND transactions were recorded, marking the highest number of transactions in the past week. Increased transaction activity usually indicates increased user interest and engagement.
Withdrawal Activity and Market Impact
The increasing withdrawal of SAND tokens also played an important role in this rally. In accordance CryptoQuantity, 877 withdrawal transactions has been recorded, the highest figure since then June 2023 (Khordad 1402). Increased withdrawals from exchanges are considered a bullish signal, as they often indicate reduced selling pressure.
Technical Analysis
On the daily chart, the SAND price is moving around $0.75after breaking through the critical point resistance level $0.66which is key to maintaining its bullish momentum. However, if bullish sentiment weakens and selling pressure increases, SAND price may pull back in that direction support level $0.56.