Sandbox (SAND) Price Analysis: Network Demand Spike After Facebook’s Recent Product Launch
The price of Sandbox (SAND) has dropped to $0.30, its lowest level since August 2021. However, recent on-chain analysis suggests that the spike in network demand following Facebook’s launch of AI-powered Ray Ban smart glasses could have a positive impact on the price in the coming weeks.
On September 27, there was a significant increase in new users joining the Sandbox ecosystem, with 278 new wallet addresses created. This level of network growth hasn’t been seen since July 24. The surge in user acquisition indicates increased demand for the SAND token.
New joiners have also been actively conducting economic transactions within the Sandbox ecosystem. Daily active addresses reached a monthly peak of 697 on September 27. When network growth aligns with an increase in daily active addresses, it suggests that new participants are actively engaging and initiating transactions.
New User Engagement Could Lead to Bullish Price Momentum
If the spike in user engagement can be sustained, it could potentially lead to a bullish price momentum for SAND in the coming weeks. On-chain indicators point towards a possible bullish reversal towards the $0.45 territory.
Global In/Out of Money Around Price (GIOM) data shows that if Sandbox can break through the initial resistance at $0.40, the increased network traction could trigger a bounce towards $0.45. However, if the price drops below $0.25, it could invalidate the bullish narrative and result in a prolonged downswing towards $0.20.
Overall, the recent spike in network demand and user engagement within the Sandbox ecosystem following Facebook’s product launch indicates potential positive price action for SAND in the coming weeks, but it remains important to monitor the market closely.
Hot Take: Bulls Eyeing $0.45 for SAND Price
The recent surge in network demand and user engagement within the Sandbox ecosystem, driven by Facebook’s AI-powered smart glasses launch, has sparked optimism among bulls. On-chain indicators suggest a possible bullish reversal towards the $0.45 mark for SAND. However, it is crucial to watch out for resistance at $0.40 and support at $0.25. If these levels are breached, it could impact the price momentum significantly. So, keep an eye on the market and stay informed about any developments that could influence SAND’s price in the coming weeks.
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