After a weak start in July, Sandbox (SAND) price finally broke above the critical $0.40 resistance this week. Can Bull Investors Build Momentum to Continue the Mission to Recover the SAND Price?
Consider important data points such as: employment rates And Google search results, global interest in the Metaverse and GameFi sectors has declined over the past year.
But, against the trajectory of play, Metaverse’s top-rated project, The Sandbox, has recently attracted renewed interest from investors.
New users are flocking to SandBox
This summer, the Sandbox (SAND) ecosystem has attracted many newcomers.
According to data collected by Santiment, only 328 new SAND wallet addresses were created on June 26. And by the July 12th close, that number has now increased by 130% to 746 new addresses.
network growth It tracks the number of new wallet addresses opened on the blockchain network. This gives a rough estimate of the ecosystem’s user acquisition rate.
When the network grows, the increased drawdown often puts upward pressure on the price of the original token.
Obviously, the graph above indicates that the 130% spike in network growth has already affected the price of SAND. As we saw above, the SAND price increased by 10% between June 26th and July 13th.
With Sandbox set to host a series of Community events In Paris next week, sand holders can expect further gains.
Cryptocurrency traders are looking to take advantage of the price recovery momentum
Moreover, rising investor demand also underscores the bullish outlook that SAND may embark on a price recovery mission.
As it stands now, potential investors have placed orders to buy 7.3 million sand tokens. Meanwhile, the bears offered only 4.7 million tokens for sale.
As we saw above, there is currently an excess market demand of over 2.6 million tokens. When the demand for an asset exceeds the supply by a significant margin, competition sets and puts upward pressure on the price.
In conclusion, the increase in new user acquisition and the growing demand for SAND among investors are important bullish signs. If Sandbox maintains both growth trends, holders can expect further gains.
SAND PRICE EXPECTATION: $0.50 bid
Indications on the aforementioned series suggest that the bulls may push to regain $0.50. However, $0.45 can be quite a challenge.
In that region, 8,420 investors bought 122.7 million tokens at an average price of $0.45. It can trigger a bounce if they choose to exit their positions at break even.
But if they buy in the bullish momentum, they can add more to their holdings and push the SAND towards $0.50.
However, the bears could force a downtrend if the SAND unexpectedly drops below $0.40. However, as we saw above, the 6,580 investors who bought 52.14 million tokens at the lowest price of $0.40 are likely to prevent the decline.
But if this support level breaks, the SAND price could drop towards $0.35.
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate and unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions.