Sandbox (SAND) price hits $1, 50% of investors profitable

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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