The Sandbox (SAND) has seen a significant price surge in recent weeks, with the altcoin rising 239% throughout November. This surge has taken SAND to a 22-month high, leading many to question whether the rally signals a resurgence of the Metaverse.
As SAND continues to gain traction, market watchers are keeping an eye out for more signs of a Metaverse revival in the crypto space.
Sandbox Investors Report Gains
Recent data from the Global In/Out of the Money (GIOM) indicator shows that approximately 525 million SAND, valued at over $417 million, is approaching profitability. This supply was purchased in the $0.60 to $0.82 price range.
Today (3), SAND hit an intraday peak of $0.89, putting this previously dormant supply into profit. If these holders continue to hold their positions, the potential for further price increases is high. This could drive SAND even higher, potentially fueling more bullish momentum in the near future.
SAND GIOM. Fonte: IntoTheBlock
The Sandbox’s macro momentum is influenced by the distribution of SAND tokens. Currently, short-term holders, those holding for less than a month, represent approximately 22% of all SAND in circulation.
This high concentration of short-term holders means that any significant selling by this group could lead to a price correction. Short-term holders tend to react quickly to market movements, and if they choose to take profits, this can introduce downward pressure on the price.
SAND Supply Distribution. Source: IntoTheBlock
SAND Price Prediction: Growth Ahead
SAND has reached a 22-month high of $0.89 in the past 24 hours, rising by approximately 45%. This increase marks an important milestone for the altcoin, but the sustainability of this rally depends on broader market conditions. If the Metaverse narrative continues to gain traction and positive sentiment persists, SAND could maintain its upward trajectory.
The next key resistance level for SAND is $1.00, a psychological barrier that could trigger further gains if overcome. However, if the broader crypto market faces a downturn or if short-term holders decide to sell, SAND could face a correction. In that case, the altcoin could test support levels around $0.70 or lower.
SAND Price Analysis. Source: TradingView
Indeed, SAND’s price will be influenced by market sentiment and the wider adoption of Metaverse platforms. If Sandbox can maintain its appeal and attract long-term investors, it could see further gains, potentially revisiting its previous all-time highs. However, investors should remain cautious about volatility driven by short-term market participants.
The article Investors can profit more than US$ 400 billion with the rise of Sandbox (SAND) was seen for the first time on BeInCrypto Brasil.
