- SAND price has seen massive bullish moves lately.
- The metaverse coin climbed by 78% from the lowest zone this year.
- Here’s is why SAND surged and what you may expect.
Sandbox (SAND/USD) recorded massive recoveries over the last few weeks as enthusiasts waited for the forthcoming Alpha Season 2. For now, SAND changes hands near $4.55, nearly 78% high from its lowest zone of 2022. The asset’s total market cap has surged to $4.2 billion, Sandbox ranking 36 in the cryptocurrency list.
Metaverse Tokens of the Rise
Sandbox is among the top blockchain projects in the metaverse world. It boasts several angles. For instance, people can use its metaverse platform to buy and build virtual property. You probably know how metaverse gained popularity in the past year.
Moreover, Sandbox has gamers covered with its Sandbox Alpha. The Alpha’s first season ended in 2021 December, and individuals won awards. Market participants await the second season, set to come in Q1 2022.
More importantly, Sandbox is a top network for NFTs (non-fungible tokens). A glance at its market shows many NFTs selling for over $1,000.
SAND saw its price rising to an ATH at $8.47 on 25 November as Alpha began. However, the asset started declining afterward, losing nearly 50% of its value. The decline came as the overall cryptocurrency industry witnessed downward trends.
Nevertheless, investors’ worries about the metaverse flourishing amid interest rates hike contributed to SAND’s turmoil. Meta’s weak results last week could not improve the situation.
Meanwhile, SAND joined other metaverse tokens such as Gala, Decentraland, and Axie Infinity in impressive rallies over the weekend. The rebound likely surfaces due to improved risk sentiment following remarkable Amazon’s quarterly results.
Also, the forthcoming Web3 land sale in the Sandbox network scheduled for 10 February contributed to SAND’s upward movements. There will be more than 550 LANDs in eight auctions.
SAND Price Prediction
Sandbox’s daily chart shows the token exhibiting a bullish attitude over the last few days. The coin managed to climb past the 50% FIB retracement. It also nears the descending channel’s upper side. Moreover, SAND crossed the 25- and 50-day MAs.
Nevertheless, profit-taking might lead to downtrends despite the bullish bias. If that occurs, Sandbox might hit the following support at $3.50.
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