SAND Token Surges 55% in 24 Hours as Trading Volume Hits $1.91 Billion, Indicating Potential Sustained Rally

SAND, the token that powers The Sandbox metaverse platform, has seen a huge jump lately. It shot up by 55% in just the last 24 hours. This performance is impressive, especially when you compare it to Bitcoin and Ethereum, which only gained about 1% during the same time.

The trading volume for SAND has also skyrocketed. It surpassed $1.91 billion, marking an increase of over 500% in just one day. That's remarkable!

On-chain data shows a significant rise in daily SAND transactions. Plus, there's a noticeable drop in selling pressure. These signs suggest we might be looking at a sustained rally.

According to CryptoQuant, the daily count of SAND transactions has really taken off recently. For example, on November 23, there were 2,940 transactions. That’s the highest number recorded in the past week.

This increase is a positive signal for SAND. When more transactions happen, it usually means more interest and activity. It indicates that demand is growing, and people are getting more involved. This can lead to greater confidence in SAND's price, potentially pushing it even higher.

We’ve also noticed a significant uptick in withdrawals from exchanges. CryptoQuant reports that there have been 877 exchange withdrawal transactions for SAND. This is the highest daily figure since June 2023.

Tracking exchange withdrawals is important. When investors take their assets off exchanges, it generally shows they want to hold onto them. This is a bullish sign. It indicates growing confidence and a trend toward long-term holding.

Currently, SAND is trading at $0.61. This price level hasn’t been seen since April. However, it’s still below the resistance level of $0.66, which is its cycle peak. If the bullish momentum continues, SAND could rally back to that peak.

On the flip side, if the positive sentiment fades and selling pressure increases, SAND's price might drop toward the support level of $0.56. That would change the current bullish outlook.