Within the past day, the cryptocurrency market witnessed a significant downturn, where Bitcoin [BTC] plummeted to a low of $96K.
Despite this overall decline, certain alternative cryptocurrencies, notably The Sandbox [SAND], emerged as outliers. SAND managed to stage an impressive recovery, attaining a 9-month high of $0.86.
Noteworthy Growth of The Sandbox Digital Asset
Over the recent day, SAND has demonstrated remarkable growth, surpassing the performance of major digital currencies. At the time of reporting, SAND was being exchanged at $0.797, marking a notable 35.77% increase in value over the previous day.
In contrast, the next best-performing altcoin, SEI, saw a modest 15.48% surge during the same timeframe.
Meanwhile, prominent coins like Bitcoin, Ethereum [ETH], and Solana [SOL] experienced decreases, with drops of 0.01%, 0.81%, and 0.94% respectively.
Similar trends were observed in the realm of meme coins, with Dogecoin [DOGE] declining by 2.64%, Shiba Inu [SHIB] by 3.97%, and PEPE by 2.33%.
While SAND has displayed strong performance on daily charts, this progress aligns with a broader bullish trend. Consequently, SAND has surged by 118.16% on a weekly basis and an impressive 223.76% on a monthly scale.
Essentially, this indicates that the current market sentiment leans towards bullishness and is not an isolated occurrence.
Could a Yearly High Be in the Cards?
As evident from the data above, SAND currently finds itself in a conducive market environment that may bolster the altcoin’s position on price charts.
Notably, a sense of optimism among investors is apparent, with expectations of further growth. This positive sentiment is underscored by a surge in whale activity.
Insights from IntoTheBlock reveal a spike in large transactions, hitting a yearly peak of 551. This uptick suggests that whales are actively participating and influencing price hikes through accumulation.
Additionally, SAND’s daily active addresses have risen substantially, reaching a yearly high of 7.07K. An increase in active addresses indicates heightened market activity, demand, interest, and adoption.
This uptrend signifies that the price surge is supported by robust on-chain activities rather than mere speculation.
The NVT ratio has also notably decreased over the past week, dropping from a high of 279.43 to 65.19. Such a decline in the NVT ratio signals a surge in chain activity, often preceding price upticks.
This scenario indicates that despite the rising prices, SAND remains undervalued, with the market yet to reflect its true value.
In essence, SAND is witnessing a robust upward momentum in prices, and the prevailing bullish sentiment may continue to drive prices higher. If the current trajectory persists, the altcoin is poised to encounter its next resistance level around $0.89.