The Sandbox price is bouncing back as the demand for metaverse cryptocurrencies resume. SAND price is trading at $2.70, which is about 35% above the lowest level this week. Its total market capitalization has jumped to more than $2.4 billion, making it the 64th biggest cryptocurrency in the world. The Decentraland price has also roared back.
What is The Sandbox?
The Sandbox is a blockchain project that is at the intersection of gaming and non-fungible tokens. It is also a project that is relatively similar to Decentraland.
The idea behind The Sandbox is relatively easy. It is a platform where people can build their virtual universes. People can also play in virtual universes that are created by other members of the community.
The SAND token is the native token that is used in The Sandbox platform. It is like a national currency for a country. In this universe, people trade their creations using non-fungible tokens (NFTs).
A quick look at the platform’s marketplace shows that people are willing to pay a fortune for digital collectables. For example, this skull and crow statue is being sold for 236 SANDs, which is equivalent to more than $642. Another lowrider transformer NFT is going for almost $10,000.
The Sandbox price is rallying simply because of the rising demand for metaverse products. Other metaverse-related cryptocurrencies like Decentraland have also rallied.
Many analysts believe that the metaverse industry will continue doing well in the future. Besides, millions of dollars are being pumped in the industry. For example, companies like Microsoft, Facebook, and Roblox have invested heavily in the sector.
Meanwhile, Softbank, the company best-known for investing in Alibaba has invested millions in the company. Last week, the company invested $93 million in The Sandbox, making it one of its biggest cryptocurrency platforms in the world.
The Sandbox price forecast
The four-hour chart shows that the SAND price was relatively calm a few weeks ago. This trend changed recently when the metaverse momentum started. The rally pushed the coin’s price to an all-time high of $3.43. It then crashed and found support at around $2.
Today, The Sandbox price has bounced back and is attempting to move above its all-time level. It has also moved above the 25-day and 50-day moving averages and the descending channel shown in purple. The coin is also attempting to move above the 23.6% Fibonacci retracement level.
Therefore, there is a possibility that the price will rise as bulls attempt to retest its all-time high of $3.43. This price is about 30% above the current level.
