The Sandbox price is still rising, and the gaming token has surpassed its all-time high for the third time in seven days. SAND’s uptrend is being fueled by an increase in investor interest in NFT and gaming cryptos in the metaverse.
The Sandbox price has broken above the psychological level of $5.00 for the first time in history, as investors scramble for a piece of the play-to-earn Metaverse projects. Increased buyer interest, sparked by Facebook’s rebranding to Meta, drove the SAND price up by 40%, resetting the all-time high (ATH) at $5.63. Sandbox’s market value has increased by 38% to $4,831,510,764 as a result of this rally.
Sandbox (SAND) is currently trading at around $5.39.
The Metaverse’s NFT and gaming projects continue to pique the interest of investors.
Over the last month, blockchain-based NFT and gaming projects such as Enjin (ENJ), Sandbox (SAND), and Decentraland (MANA) have continued to pique investor interest. This interest was sparked by Facebook’s decision to rebrand as Meta, confirming the social media giant’s desire to build a metaverse.
Furthermore, the shift to the Metaverse has strengthened this category of digital assets. As a result, the Sandbox price has increased by approximately 600% since Facebook’s announcement on October 28th, and by 15,142% year to date.
Sandbox Price Analysis: Will the Uptrend Last?
On the daily chart, SAND is currently trading in a second bullish session and has formed an ascending channel. It is worth noting that the Sandbox price will continue to rise as long as it remains within the confines of the rising channel.
If SAND closes above the upper boundary of the chart pattern at $5.54, it will discover new prices above the $5.63 ATH.
Daily SAND/USD Chart
However, the price action has caused the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators to reach extremely overbought levels, indicating that the bullish trend may be coming to an end and pointing to a possible correction in the near term.
As a result, if SAND fails to find support at $4.98, it will seek support from the rising channel’s middle boundary at $4.54.
A drop below the middle boundary could result in massive sell orders, pulling Sandbox towards the channel’s lower boundary at $3.52 or the moving averages below it.