The SAND token has surged by 55% in the last 24 hours to $0.62, supported by a trading volume of $1.91 billion and record daily transactions. This rise was quite remarkable compared to leading cryptocurrencies such as Bitcoin and Ethereum. Furthermore, the over 500% increase in trading volume reinforced SAND’s strong movement in the market.
Cryptocurrency Exchange Withdrawals Reach 17-Month High: 877
The resistance level is at $0.66 and momentum is targeted. However, weak market sentiment could pull SAND towards the $0.56 support. On-chain data shows a significant increase in the number of daily transactions for SAND and a decrease in selling pressure. These developments point to a sustainable upside potential for SAND.
According to CryptoQuant’s data, the daily transaction count for the SAND token has been rapidly increasing in recent days. The 2,940 transactions made on November 23 were the highest in the last seven days. This is considered a positive sign for the metaverse-based token, as an increase in the number of transactions indicates interest and demand from more market participants. This indicates increased confidence in the price of SAND and its potential for further increases.
Additionally, a notable increase in withdrawals for SAND to cryptocurrency exchanges was observed. According to CryptoQuant data, SAND withdrawals from exchanges reached 877 in the last 24 hours, reaching the highest level recorded in a single day since June 2023. This increase indicates increased confidence and longer-term investment trends as investors begin to withdraw their assets from exchanges.
On the daily chart, SAND is trading at $0.61, which is close to the levels seen in April. It is currently trading below the $0.66 resistance level. If the price continues to gain momentum, SAND could break through this resistance level and rise further. However, if the selling pressure increases and the bullish momentum is lost, the SAND token price could drop towards $0.56, which could weaken the bullish outlook.