- The Sandbox crypto surged by 35.77% in 24 hours amidst bullish sentiment.
- Sandbox has outperformed major coins as crypto has declined over the past day.
Over the last 24 hours, the crypto market has experienced a sharp decline, with Bitcoin [BTC] hitting a low of $96K.
However, some altcoins, especially The Sandbox [SAND], stood out as an exception. Amidst a declining market, SAND has made one of the strongest comeback to reach a 9-month high of $0.86.
The Sandbox crypto stands tall
During the last day, SAND has made the most gains, outperforming major cryptos. In fact, as of this writing, SAND was trading at $0.797. This marked a 35.77% increase over the past day.
In comparison, the nearest altcoin in terms of performance was SEI, which hiked by 15.48% over the same period.
Other major coins such as Bitcoin, Ethereum [ETH], and Solana [SOL] have declined, dropping by 0.01%, 0.81%, and 0.94% respectively.
This trend was also consistent among top memecoins with Dogecoin [DOGE] declining by 2.64%, Shiba Inu [SHIB] by 3.97%, and PEPE by 2.33%.
While SAND has performed well on daily charts, this is a continuation of the overall bullish trend. As such, SAND has surged by 118.16% on weekly chart and 223.76% on monthly chart.
Therefore, this reflects the current market conditions as overall bullish and not an isolated case.
A yearly high next?
As observed above, SAND is currently experiencing favorable market conditions that could strengthen the altcoin for more gains on price charts.
Source: IntoTheBlock
Notably, we can see investors are highly optimistic and anticipate further gains. This behavior is evidenced by the spike in whale activities.
According to IntoTheBlock data, large transactions have spiked to hit a yearly high of 551. This suggests that whales are actively engaged and are playing a key role in driving prices up through accumulation.
Source: IntoTheBlock
SAND’s daily active addresses have surged to also hit a yearly high of 7.07K. A rise in active addresses implies that the market is active with increased participation, demand, interest, and adoption.
This indicated that the price is supported by strong on-chain activities and not speculation.
Source: Santiment
We can see this phenomenon as the NVT ratio has declined over the past week from a high of 279.43 to 65.19.
When the NVT ratio sees such a sharp decline, it reflects an increase in chain activity and which often precedes price increases.
Read The Sandbox [SAND] Price Prediction 2024-25
Equally, this means that even though the prices are rising, SAND is still undervalued, and the market is yet to reach its true price.
Simply put, SAND is seeing a strong price upswing and bullish sentiment could drive prices further up. If the prevailing trend holds, the altcoin will find its next resistance around $0.89.
