SAND, the native token of The Sandbox, has been experiencing a significant increase in price lately, surging to $0.77 in late November, and to $0.98 in December, marking a significant price increase and reverting the downward trend the coin has been on over the past 6 months. This was accompanied by a daily gain of 30%, which builds on top of SAND’s November gains of nearly 240%.
These price surges catapulted the coin to top spots in multiple categories—for example, it’s currently standing as the 3nd ranked coin by market cap in the metaverse sector, overtaking competitors like Axie Infinity and Decentraland.
Altcoins have recently seen a significant influx of capital, and SAND is no exception. The renewed interest in blockchain-based initiatives like the Metaverse, fueled by Bitcoin's recent rally, has investors eyeing SAND for potential price gains.
SAND is just one among many top crypto gainers in the past 24 hours, with notable names like Tron (+48%), Cake (+30%), and BNB (+20%).
Can SAND reach $1?
Despite SAND's current momentum, the $1 mark appears to present some resistance. However, if the rally persists, breaking through this level seems more a matter of when, not if. It should also be noted that SAND’s ATH is way beyond the $1 price, sitting at $8.42. This means that even if SAND reaches $1 or beyond, it’s still ways off from its former days of glory. How far can SAND go during this seeming metaverse resurgence?
Let’s go over some key points that could contribute to SAND reaching $1 and possibly even higher.
Metaverse resurgence
Many top Metaverse coins are experiencing a resurgence, with SAND leading the charge
With Bitcoin’s price reaching new heights in November, many other cryptocurrencies soon followed. Not long after BTC reached its all-time high on November 22, Metaverse tokens soon followed suit and experienced almost coordinated pumps on November 25, with SAND experiencing the most growth out of all.
This renewed interest in Metaverse projects could drive SAND’s price beyond the $1 price target, with some investors speculating it could even beat its ATH and reach $10—the latter being an unlikely scenario in our opinion.
Bitcoin’s market dominance is decreasing, driving altcoin rally
This is especially true when we consider that Bitcoin, the world’s leading cryptocurrency, is actually underperforming as of writing, showing just a 0.2% 24-hour price increase. This could indicate a shift in the current crypto rally, transitioning from a Bitcoin-dominated market to the so-called altcoin season—a phase where non-BTC cryptocurrencies take the spotlight.
Bitcoin’s dominance is dropping, indicating a potential altcoin season, benefiting SAND and other altcoins.
Over the past couple of days, we’ve seen quite a drop in BTC dominance, which dropped from a yearly high of 60% to around 53% as of writing. To put it into perspective, towards the end of the last crypto bull run in 2022, BTC dominance stood at a mere 39%. That means we are still ways off from the historical altcoin to Bitcoin levels that signified the end of the last bull market.
Investors withdrawing SAND for long-term holding
Many investors are withdrawing SAND from exchanges (Source: CryptoQuant)
On CryptoQuant, we can observe a notable increase in exchange withdrawals for SAND. According to their data, the token’s exchange withdrawal transactions totaled as high as 1656, which is its single-day highest since June 2023. This indicates that investors are moving their assets from exchanges to their wallets, suggesting increased confidence in long-term holding. That could drive SAND’s price even higher in the long run.
Sandbox's Alpha Season 4 kicks off
The Sandbox is constantly innovating and evolving within the Metaverse gaming landscape. The most recent significant development is their launch of the Alpha Season 4, which promises massive rewards for players, as well as benefits for owners of LAND and avatars.
ALPHA SEASON 4 STARTS NOW 🌌https://t.co/NdryrwMpZN ☄️ 10 Weeks, 100+ Experiences, and tons of quests 💰 $2.5 million USD in $SAND rewards, 170+ NFTs 🏝️ Additional benefits for LAND and avatar owners 🔥 And much more!#TheSandbox #AlphaSeason4 pic.twitter.com/0mAcy8ogNk
— The Sandbox (@TheSandboxGame) October 9, 2024
SAND short-term price prediction
If we take a look at our SAND price prediction, the $1 mark will be reached, but not as soon as the current graphs would suggest. The algorithm predicts that SAND will surpass $1 for the first time in over a year in late February.
Keep in mind that these predictions should be taken with a grain of salt. While we aim to provide an accurate overview of potential price trends, the timing can often vary by days or more. Ultimately, cryptocurrency markets are highly unpredictable.
That being said, there are signs that the altcoin season might be underway. Beyond SAND and other major gainers, the most compelling evidence for this trend is the resurgence of previously dormant tokens that are now seeing unexpected pumps. This activity appears to be driven solely by the wave of bullish investor sentiment sweeping the market.
If we look at some of today’s top movers: NEO, BTT, ETC, EOS, and plenty of others, none of these projects have announced anything substantial for a long time, yet they are up 100% to 300% in the past month alone.
If our assumptions turn out to be correct, however, SAND is well on its way to hitting $1, as long as the current market trend continues. To learn about other potential altcoins that could benefit from the current rally, check out our list of the best low-market-cap coins to buy.
