The Sandbox (SAND) reclaimed the $0.50 milestone after slipping below $0.48 earlier thisย comingย week. Numerous on-chain metrics are now pointing towards a prolonged SAND bull rally toward $0.60. Will this positive SAND priceย forecast be validated?ย
On May 22, Paris Hilton announced the launch of an Avatar Collection on The SandBox metaverseย 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.ย
What are the chances the ongoing SAND price surge will evolve into a prolonged rally?ย
The Sandbox Network Activity Has Spiked
Thisย comingย week, The Sandbox has witnessed a wholeย lotย 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.ย
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 Sandboxโs active users have increased since Paris Hiltonโs notice on May 22, although other factors could likewise be in play.ย
Going by the historical correlation betwixt previous SAND price rallies and spikes in DAA, holders can anticipate more profits in the coming days.ย
Whales Investors are Bullishย
Furthermore, there has been a wholeย lotย of surge in whale accumulation across the Sandbox network since May 22. And this likewise adds credence to the positiveย tendency SAND price prediction.ย
The red line in the chart below shows how the whale cohort holding one Million to 10 Million cryptoย tokens started buying around May 22.ย ย
Everย since, they have promptly added 6.92 Million SAND cryptoย tokens to their wallet balances.ย
At a current marketย value of $0.51, these newly added 6.92 Million cryptoย tokens are worth approximately $3.5 Million. Andย once cryptocurrency whales invest such a huge amount duringย a couple of days, it impliesย that they are positioned for some positiveย tendency action.ย
Inย 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
IntoTheBlockโs In/Out of the Money (IOMAP) data impliesย that SAND must break over $0.53 for the bulls toย win company control. Nonetheless, the 1,740 investors that purchased 39.5 Million SAND cryptoย tokens at an average price of $0.53 could slow the rally.ย
Onย theย otherย hand, with theย present positive market dynamics outlined over, the bulls will likely find the momentum to push for $0.60.
On the other hand, the bears could invalidate the positiveย tendency Sandbox priceย forecast if it breaks below the critical $0.50 support level.
Onย theย otherย 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.ย
If that levelย ofย support cannot hold, SAND price could fall to $0.45.
