- The Sandbox price has dropped sharply in the past few weeks.
- SAND has underperformed even as the Alpha Season 3 gets underway.
The Sandbox price has been in a strong bearish trend in the past few days even as the Alpha Season 3 goes on. SAND, the platform’s cryptocurrency, crashed to a low of $0.9210, which was lower than last month’s high of $1.6183. Its market cap has a market cap of over $1.3 billion.
Sandbox token slips
The Sandbox is a leading blockchain project that seeks to become the biggest player in the metaverse industry. It is a platform that is at the intersection of non-fungible tokens (NFT) and the metaverse. It enables people to create and trade NFTs and also play games.
The Sandbox has reached some of the biggest companies in the world like Adidas, Hell’s Kitchen, Atari, and South China Morning Post among others. These companies use the platform for its metaverse products. Sandbox has over 2 million registered users and about 300k monthly active users.
The Sandbox hosts regular events in the ecosystem known as Alpha. In August, the developers launched Alpha Season 3, which has over 90 experiences. It will run over the course of 10 weeks. Some of these experiences will be of the biggest partners like Smurfs, Snood Dogg, Atari, and Bored Ape Yacht Club.
Learn more about how to buy the Sandbox.
In this season, LAND owners, avatar holders, and NFT creators are able to unlock SAND rewards even without an Alpha Pass. According to the developers, thousands of users from around the world are participating in the current event.
SAND price has also dropped even as The Sandbox continued adding more corporate companies in its ecosystem. This week, the company added Renault, the global automotive company into its platform. Renault aims to bring automotive experiences to the metaverse.
SAND price has underperformed because of the overall slowdown in the ecosystem. According to CryptoSlam, the volume of NFT sales in the ecosystem has been in a downward trend.
The Sandbox price prediction
The daily chart shows that the SAND price has been in a strong bearish trend in the past few months. This decline saw it drop to a low of $0.7356 in July. It then bounced back and reached a high of $1.6168 in August. Recently, it has pulled back recently and moved below the 25-day and 50-day moving averages and the Ichimoku cloud indicator.
Therefore, the Sandbox price will likely continue falling as sellers target the next key support level at $0.7356. This price is about 20% below the current level. A move above the resistance level at $1.10 will invalidate the bearish view.
