The Sandbox (SAND), a leading metaverse project, has recently achieved a significant milestone by claiming the top spot in the sector, surpassing Axie Infinity (AXS). This achievement was marked by a 45% price increase, bringing SAND's market cap above AXS. A major contributing factor to this surge has been a recent collaboration with luxury fashion giant Gucci, which ignited a buying frenzy among crypto whales.
SAND's price reclaimed the $0.45 territory, marking a 45% gain in November. On-chain analysis reveals that strategic crypto whale purchases, particularly following the Gucci partnership announcement on November 8, significantly drove this price rally. Between November 11 and 16, whales acquired 30 million SAND tokens, elevating their cumulative balances and placing upward pressure on the SAND price. This accumulation also spurred investor confidence, potentially pushing the price towards the $0.50 mark.
The Sandbox's dominance in the market has been further solidified by its consistent outperformance over the past month. On-chain data indicated a significant number of unique buyers, with the number of receiving addresses consistently exceeding the selling addresses. This bullish sentiment, coupled with the Gucci partnership, has resulted in SAND's market valuation skyrocketing to over $926 million.
Looking ahead, SAND's price trajectory appears promising. On-chain indicators suggest a continued uptrend, with whale demand and active buying addresses being key drivers. However, resistance at the $0.50 mark poses a challenge. Overcoming this barrier could propel SAND towards $1. Conversely, a dip below $0.35 might trigger a correction, though support from holders at the $0.41 level could provide a cushion against a significant downswing.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.