Sandbox (SAND) has a blast with 12% peak in 24 hours
Sandbox (SAND) was one of the most active cryptocurrencies on Thursday, rising a whopping 14 percent. After hitting as low as $1.13 on Wednesday, the SAND/USD pair reached a session high of $1.28 earlier today.
The token hit its highest level since June 25, moving closer to a crucial resistance level. During the same period, the token’s market cap increased by 15 percent. According to data from Coingecko, it was valued at $1.58 billion at the time of writing.
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Main indicators showing positive values
According to Santiment stats, SAND’s key indicators have improved over the past day, with the exchange rate balance showing a positive value of $1,411,000.
Significantly more SAND tokens have been delivered to exchanges in the past 24 hours than have been withdrawn. In such circumstances, a further price increase is expected.
Based on the chart, this resistance is at $1.35 and has not broken since late May when prices traded near $1.50.
To not only reach but perhaps surpass this ceiling, the 14-day relative strength index would have to cross its own barrier. As of 12 noon on Thursday, the SAND RSI is trailing at 57.50, which is just below the 58 resistance level.
Total Market Cap of Crypto at $901 Billion on the Daily Chart | Source: TradingView.com
Coinbase Merge Pushes SAND Price Up
This week’s news that The Sandbox has successfully merged with Coinbase Wallet and enabled LAND implementation on Polygon has given the price of metaverse currencies a much-needed push, triggering a 20 percent increase.
Since the announcement, SAND’s price peaked at $1.17 before falling. In comparison, the 24-hour minimum price was $0.95. Investors in SAND will hope that the positive news will push the price above $1.30, signaling to the larger market that SAND is entering a bullish run that may be sustainable.
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At the time of writing, there was significant accumulation of the SAND token as the Money Flow Index (MFI) stood at 74.47. The position of these key indicators points to significant buying pressure over the past 24 hours.
Several crypto assets have contributed to a 5 percent increase in the capitalization of the global cryptocurrency market in the past 24 hours. SAND was one of the main assets experiencing a price increase during this period.
Featured image of DataDrivenInvestor, chart of TradingView.com