Digital assets skyrocketed over the past day as Bitcoin price surpassed the most sought-after $100,000 mark.
The optimism saw metaverse tokens extending their gains, with Sandbox (SAND) outshining.
Consecutive gains throughout the previous month saw SAND surpassing $1 to explore $1.0616 during Wednesday’s late session.
The impressive price increase, up 60% and 310% in the past week and month, has made many Sandbox investors profitable.
IntoTheBlock data shows that 50% of SAND holders are making money at current prices.
Meanwhile, 38% experience losses while 12% are at break even.
Source: IntoTheBlock
SAND price at new highs
The altcoin painted its daily chart green after climbing from the opening price of $0.8784 to $1.0616.
SAND trades at $0.95 after cooling from its latest high, but everything seemingly points to more gains.
Source: Coinmarketcap
The 90% surge in daily trading volume to $3.80 billion confirms massive trader optimism behind Sandbox’s performance.
Technical indicators support the bullish stance for SAND.
The 50 and 200-day exponential moving averages form a golden cross in the 1D timeframe, confirming robust bullishness in play.
Furthermore, stability above the $0.90 support sets the stage for impressive upswings.
The altcoin will likely recapture $1.07 and extend toward $1.250.
Such sentiments will likely trigger more uptrends for SAND, opening the path to the $1.50 target.
That would result in a 58% upsurge from prevailing prices.
On-chain data supports extended surges
On-chain stats further add to SAND’s improving bullish stance.
Net network growth shows a 0.80% increase, indicating heightened investor activity, which could attract significant demand.
Furthermore, nearly 4% of transactions were profitable at press time, confirming that most Sandbox investors were profitable.
Such trends often lead to amplified buying momentum.
Also, large transactions have surged 12.06%, suggesting accumulating by whales or institutional players.
That reflects confidence in SAND’s upcoming price movements.
Last but not least, the 0.07% concentration shows a significant number of wallets control SAND’s supply.
That could moderate volatility if whales decide to offload.
Source: IntoTheBlock
SAND exhibits bullish indicators, supporting the upward narrative to$1.50.
Broad market sentiments align with SAND’s anticipated surge. The Altcoin Season Index explores yearly peaks, currently at 87/100 (Coinmarketcap data).
That means 87 of the top 100 digital assets by market cap have outperformed Bitcoin within a 3-month timeframe.
Scores above 75 suggest an altcoin season, whereas 25 and below indicate a BTC season. The current readings show the market is in an alt season.
The previous altcoin season, in HI 2021, saw the top 100 alts skyrocketing by 174%, while Bitcoin gained only 2%.
Analysts expect such trends in the upcoming weeks or months, conditions which would see SAND hitting its targets and printing new ATHs.
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