By Guest 
Why Did Sandbox’s Price Surge Over 50% Yesterday? Despite a lackluster day for the cryptocurrency market, including Bitcoin, Sandbox (SAND) experienced a remarkable rally.
Key Highlights
- Daily transactions involving SAND have significantly increased in recent days.
- A notable rise in withdrawals of Sandbox tokens also contributed to the surge.
According to BeInCrypto, Sandbox’s price surged approximately 55% yesterday, while Bitcoin and Ethereum showed minimal movement. SAND’s trading volume skyrocketed, growing by 500% to exceed $1.91 billion.
Transaction Activity on the Rise
CryptoQuant data shows that daily transactions involving SAND have seen an uptick in recent days. For instance, on November 23rd (December 3rd in the Persian calendar), 2,940 SAND transactions were recorded, marking the highest number of transactions in the past week. Increased transaction activity typically indicates heightened user interest and engagement.
Withdrawal Activity and Market Impact
The rise in withdrawals of SAND tokens has also played a crucial role in this rally. As per CryptoQuant, 877 withdrawal transactions have been recorded, the highest figure since June 2023 (Khordad 1402). Increased withdrawals from exchanges are considered a bullish signal, as they often suggest reduced selling pressure.
Technical Analysis
On the daily chart, SAND’s price is hovering around $0.75, having broken through the critical $0.66 resistance level, which is key to sustaining its bullish momentum. However, if bullish sentiment weakens and selling pressure mounts, SAND’s price may retreat toward the $0.56 support level.