In a striking development within the cryptocurrency market, SAND, the native token of The Sandbox, a leading metaverse platform, has seen a substantial growth of over 40% in the last month. The token, now priced at $0.61, has rebounded to levels last observed in April, reflecting a broader market resurgence. SAND’s rise can be attributed to its popularity as a GameFi token, especially during the 2020-2021 pandemic, where it offered an alternative income source. However, the token experienced a sharp decline in value following the broader crypto industry downturn starting in late 2021. The current phase, termed ‘depression’ in market cycles, typically signifies the lowest point in public confidence, but also hints at potential opportunities for asset accumulation at lower prices. According to on-chain analyst Ali Martinez, SAND has surpassed the bullish opportunity level of $0.55 and is now poised for further growth, with the next significant resistance barrier lying between $0.90 and $1.35 .
SAND’s recent upturn coincides with The Sandbox’s strategic expansion plans. The company aims to make India its largest market within the next two years, having entered the nation in February through a partnership. This move marks a significant step for The Sandbox, a subsidiary of the metaverse gaming and venture capital giant Animoca Brands. Earlier in the year, The Sandbox also encountered a security breach, highlighting the challenges and risks associated with digital asset platforms .
Moreover, recent market data from The Coin Republic shows that SAND’s price has increased by 4.73% in the last 24 hours, trading at $0.5181. The asset has exhibited bullish signs and has shown a consistent upward trend over the past week, month, and quarter, with increases of 70.30%, 28.51%, and 24.95% respectively. The projections suggest a continued surge if the demand remains high, with a potential target of $0.90. Conversely, if the token fails to maintain above the $0.06000 support level, it could experience further decline .
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.