Can Sandbox Crypto Turn Around and Incline Up to $1.0 Next?

• 1 Development activities for Sandbox indicate a growing interest in blockchain solutions, which may also affect SAND.
• 2 The Sandbox crypto asset exhibits bullish strength and rising capacity from the dynamically active support levels.

The social volume chart displays the change in awareness and the popularity of Sandbox crypto among the users. Social media platforms like Twitter, Instagram, and Facebook act as a direct medium for crypto like SAND to spread its reach and popularity among users. 

The above data shows that Sandbox crypto gained traction among users in December 2023 and January 2024 and witnessed a massive rise in popularity among social media users. However, SAND crypto seemed to lose its social volume in February, which also impacted the price negatively, and it dropped. 

However, recent data shows a rising curve in the Sandbox crypto social volume in the last week of February and March 2024, which may have a positive impact on the price in the forthcoming sessions. 

Developers Activity Vs Developers Activity Contributors Count Analysis

Furthermore, the development activity reflects the activity level in the form of undergoing projects and developments in the Sandbox crypto. Developers’ activity is increasing, with ongoing developments underway in the SAND asset and the increasing demand for blockchain-based solutions, possibly due to the growing popularity.

On Chain- The Transaction Volume Ratio of Sandbox Crypto in Daily Profit to Loss

Daily on-chain transaction volume in profit of SAND, loss, and the ratio are metrics that measure the amount and proportion of Sandbox assets that are moved on the blockchain and are either in profit or in loss, contingent on their acquisition cost. 

The daily on-chain transaction volume in profit to loss ratio for Sandbox is 0.622<1.

Daily On-chain transaction volume in profit(SAND) is – 6.58 Million

Daily On-chain transaction volume in loss(SAND) is – 10.59 Million

These metrics highlight the following aspects of the Sandbox crypto:

Since the volume in loss is high and the ratio is below 1 due to the recent dip observed in the price, it means that most holders might be in a negative position due to the recent dip in price and Sandbox crypto’s sentiment and behavior may be more likely to hold or buy more.

Similarly, it highlights that related to its supply dynamics and price pressure on SAND, a higher amount of SAND crypto assets are locked or illiquid, generating upward pressure on the price.

In the same way, it also exhibits the trend and momentum of SAND, that the volume in loss is advancing, and the ratio is falling. It illustrates that SAND crypto is facing a correction scenario and is gradually losing momentum as more holders are becoming unprofitable.

Total Supply in Profits and Percent of Supply in Profit of Sandbox Evaluation

The percentage of Total Supply in profit measures market hype in SAND crypto, which is at 68.511. It measures the percent of total supply in profit earned for a given asset as the ratio between the total supply in profit and the total circulation of the Sandbox asset.

Moreover, the total supply in profit is 2.23 billion, and it shows the overall amount of SAND assets bought at a lower price than the current price of Sandbox. 

Is Sandbox Crypto About to Launch Up to $1.0 Mark?

The SAND price structure showed a wonderful rally in its price earlier and made a high of $0.8000. Then, it plunged in recent sessions and showed signs of sustenance by showing the sellers’ rejection at the support level. 

However, the Sandbox crypto has revealed a sign of sustenance on a crucial level of around $0.6500 on the chart, and the asset is exhibiting bullish strength and rising capacity from the dynamically active support levels, as it holds above major 20-day and 50-day EMA band’s.

Furthermore, the SAND crypto asset is showing bullish signs, and it is capable of growing further. It has performed well in the past month and quarter by 42.44% and 31.40%, indicating a solid uptrend.

At press time, the Sandbox crypto is experiencing a decline of 2.80% in the last 24 hours. It is currently trading at $0.6650 and has been showing a dip up to the nearest support level.

Therefore, if the demand rises from this level, the SAND asset price could bounce back, and the next goal for the price is to reach $1.00, and in-between resistance would be at $0.8000.

Another possibility would be that if the SAND crypto price fails to stay above the $0.6500 level, it could decline further.

Summary

SAND saw increased popularity on social media in December 2023 and January 2024 but experienced a decline in February. The recent uptick in social volume in late February and March 2024 could positively influence its price.

Moreover, there’s a rise in development activities for Sandbox, indicating a growing interest in blockchain solutions, which may also affect SAND.

SAND had a significant rally, reaching a high of $0.8000 before dropping. It’s showing signs of stability around the $0.6500 support level, with bullish indicators from the 20 and 50-day EMA bands.

Therefore, if demand increases, SAND could aim for a rebound to $1.00, with immediate resistance at $0.8000. Conversely, further declines could occur if it fails to maintain the $0.6500 level.

This analysis suggests that while SAND is facing some challenges, there is potential for recovery if the positive social and development trends continue.

Technical Levels

Support Levels: $0.6500

Resistance Levels: $0.8000

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.