Paris Hilton Linked to SAND Price Surge

Paris Hilton Linked to SAND Price Surge

The Sandbox (SAND) price is expected to surge towards $0.60 as on-chain metrics such as daily active addresses and whale accumulation suggest a prolonged bull rally, while Paris Hilton’s recent announcement about an Avatar Collection on The Sandbox metaverse has also contributed to a 6% surge in SAND price.

The Sandbox (SAND) reclaimed the $0.50 milestone after slipping below $0.48 earlier this coming week. Numerous on-chain metrics are now pointing towards a prolonged SAND bull rally toward $0.60. Will this positive SAND price forecast be validated? 

On May 22, Paris Hilton announced the launch of an Avatar Collection on The SandBox metaverse network ahead of her Los Angeles musical concert. Coincidentally, there has been a 6 percent surge in SAND price and a positive upturn in some critical on-chain metrics since that announcement. 

What are the chances the ongoing SAND price surge will evolve into a prolonged rally? 

The Sandbox Network Activity Has Spiked

This coming week, The Sandbox has witnessed a whole lot of spike in the number of active users interacting on the network. The Daily Active Addresses (DAA) metric sums all the wallet addresses interacting and performing transactions on a given day. 

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The chart below illustrates that The Sandbox DAA has surged 34 percent from 488 on May 21 to 656 on May 24.

As seen over, The Sandbox’s active users have increased since Paris Hilton’s notice on May 22, although other factors could likewise be in play. 

Going by the historical correlation betwixt previous SAND price rallies and spikes in DAA, holders can anticipate more profits in the coming days. 

Whales Investors are Bullish 

Furthermore, there has been a whole lot of surge in whale accumulation across the Sandbox network since May 22. And this likewise adds credence to the positive  tendency SAND price prediction. 

The red line in the chart below shows how the whale cohort holding one Million to 10 Million crypto tokens started buying around May 22.  

Ever since, they have promptly added 6.92 Million SAND crypto tokens to their wallet balances. 

The Sandbox (SAND) Price Prediction May 2023: Whales Wallet Balance,
The Sandbox (SAND) Price Prediction May 2023 – Whales Wallet Balance, Source: Santiment

At a current market value of $0.51, these newly added 6.92 Million crypto tokens are worth approximately $3.5 Million. And once cryptocurrency whales invest such a huge amount during a couple of days, it implies that they are positioned for some positive  tendency action. 

In conclusion, the boost in network activity and the accumulation wave between whale investors could propel the SAND price over $0.60.

SAND Price Prediction: The Bulls are Eyeing $0.60

IntoTheBlock’s In/Out of the Money (IOMAP) data implies that SAND must break over $0.53 for the bulls to win company control. Nonetheless, the 1,740 investors that purchased 39.5 Million SAND crypto tokens at an average price of $0.53 could slow the rally. 

On the other hand, with the present positive market dynamics outlined over, the bulls will likely find the momentum to push for $0.60.

The Sandbox (SAND) Price Prediction May 2023 - IOMAP data
The Sandbox (SAND) Price Prediction May 2023 – IOMAP data. Source: IntoTheBlock

On the other hand, the bears could invalidate the positive  tendency Sandbox price forecast if it breaks below the critical $0.50 support level.

On the other hand, a potential demand wall from the 2,000 investors that purchased 15.8 Million SAND at an average price of $0.50 could shore up the price. 

If that level of support cannot hold, SAND price could fall to $0.45.


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