The Sandbox (SAND) has experienced a substantial price surge, rallying 239% in November. This gain has brought SAND to a 22-month high, sparking discussions about a possible Metaverse revival in the crypto space.
Data from the GIOM indicator shows that around 525 million SAND, valued at over $417 million, are now approaching profitability, acquired between $0.60 and $0.82. SAND recently reached an intra-day high of $0.89, turning this previously inactive supply profitable and potentially driving the price higher if these holders hold onto their positions.
The macro momentum of The Sandbox is heavily impacted by the distribution of its tokens, with short-term holders accounting for 22% of the total supply. A large sell-off by this group could cause a price correction as they react swiftly to market changes.
SAND hit a 22-month high of $0.89, a 45% increase over the last 24 hours. However, continued growth depends on sustaining positive market sentiment. Surpassing the $1.00 resistance level could result in further gains, while a downturn could see support levels around $0.70 tested.
The future of SAND's price is linked to market sentiment and the wider adoption of Metaverse platforms. If The Sandbox maintains its popularity and attracts long-term investors, it might reach previous all-time highs, but volatility remains a concern due to short-term holder actions.
