SAND hits another record high on Sandbox Metaverse Alpha launch FOMO

Sandbox prices reached a new record high on Tuesday. Image by Mohamed Hassan on Stockvault
Sandbox prices reached a new record high on Tuesday. Image by Mohamed Hassan on Stockvault

Key Takeaways:

  • Blockchain-based game Sandbox recorded a new ATH on Nov 23.
  • The uptrend draws its fuel from the Sandbox Alpha launch and speculations of a partnership with Adidas.

NEW DELHI (CoinChapter.com) — Sandbox (SAND), a play-to-earn blockchain-based game, is on an epic bull run. Its native token, SAND, skyrocketed on the back of increased interest in the metaverse on the back of a series of high-profile moves from big tech firms.

In detail, the metaverse is a digital reality that combines virtual reality, augmented reality with social media, online gaming, and cryptocurrencies to allow users to interact digitally. It is a digital world that exists beyond the confines of the analog, real world.

The Sandbox token gained 41% in the past week, bringing its monthly gain to a staggering 232%, highlighting investor interest in SAND. The uptrend continued on Nov 22, with SAND gaining 23.41% to chart a new high. The token then surpassed its day-old ATH on Tuesday, jumping to $5.86.

The fuel in SAND’s spaceship is likely a mix of FOMO over Sandbox Alpha launch and speculation of a partnership with sportswear brand Adidas. Sandbox Alpha is an open multi-week play-to-earn event that starts on Nov 29.

SAND Price Charts

Sandbox’s uptrend began in late Oct, when Facebook changed its name to Meta Platform, underlining its interest in developing the metaverse. Since then, SAND has repeatedly been charting new record highs, only to surpass them later.

At present, SAND has immediate resistance at $6.21. However, if the Sandbox token continues its uptrend, prices would likely breach above immediate resistance to target the $7.49 price level. Moreover, if the Adidas speculations take a positive turn, SAND prices would likely jump to $9.036 before any pullbacks occur.

Sandbox prices charted a new ATH on Nov 23. Source: SANDUSD on Tradingview.com
Sandbox prices charted a new ATH on Nov 23. Source: SANDUSD on Tradingview.com

Historically, after charting new ATHs, SAND prices have usually fallen briefly before moving up. If the trend continues, SAND could fall to support at $4.65. Then, retail traders looking for profit could start a selling frenzy, pulling prices down to $4.094.

Also Read: SAND price logs new all-time high as Sandbox announces play-to-earn metaverse event.

Moreover, if the FOMO dies out, a market-wide sell-off could see prices falling near the Sandbox token’s 26-day EMA at $3.19.

Meanwhile, trend-based momentum oscillator MACD is strongly bullish for SAND. This is because the MACD line (difference of 12-day and 26-day EMA) moves above the MACD signal line (9-day EMA of MACD), like bars on the MACD histogram indicate.

MACD for SAND is bullish but RSI is in the overbought region. Source:  SANDUSD on Tradingview.com
MACD for SAND is bullish, but RSI is in the overbought region. Source: SANDUSD on Tradingview.com

The MACD histogram plots the difference between the MACD line and its signal line. Positive bars (Green in the chart) indicate a bullish momentum.

However, the relative strength index for SAND is 80.44, indicating the asset is overbought, and the uptrend may likely be ready for a reversal.

Sandbox’s Fundamentals: From Alpha To Adidas

Sandbox Alpha is a multi-week play-to-earn event, and it will allow players to interact with a part of its metaverse for the first time. In addition, players would get to enjoy 18 experiences created by the Sandbox team. The event will start on Nov 29 and will continue till Dec 20.

Recommended: Metaverse rally gains speed with Sandbox (SAND), Yield Guild Games (YGG), and DVision Network (DVI) at the forefront.

While the Sandbox’s Alpha even is an exciting opportunity, only a handful of players would get the full experience. As per Sandbox’s announcement, the Alpha hub and three multiplayer experiences are open to everyone. However, players would need an Alpha Pass NFT ticket to access the remaining 15 experiences.

The Alpha Pass would allow players to earn up to 1,000 SAND tokens and three NFT rewards. There are a total of 5,000 Alpha Passes available for players, of which one thousand would be available as a raffle for Sandbox Landowners. Another 2,250 would be awarded to Sandbox account holders via social contests.

Players can try to win one of the remaining passes by participating in daily activities.

In Sandbox, players can purchase digital land, create in-game NFTs, and earn SAND tokens by completing quests. As of early Nov, it had more than 12,000 virtual landowners on its platform. In addition, Sandbox also raised $93 million in a Series B funding round led by Softbank.

Meanwhile, a tweet by sportswear manufacturer Adidas sent SAND bulls in a tizzy. Replying to a tweet from Sandbox inviting Adidas to join the metaverse, Adidas tweeted, ‘adiVerse anyone?’ with a thinking emoji.

Sandbox bulls took this as a hint of Adidas’s potential collaboration with the gaming platform. A potential partnership with a brand like Adidas is a strong catalyst for an uptrend. However, there has been no confirmed news of the same yet.

At the time of writing, SAND was trading at $5.50, up 10.69% on the day.

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