- The Sandbox price jumped sharply after partnering with HSBC.
- The Alpha season 2 is also underway and seeing strong participation.
The Sandbox price rose sharply on Wednesday and early Thursday as investors cheered the latest developments in the ecosystem. SAND, its native token, rose to $3.38, which was the highest level since March 3. This price was about 26% above the lowest level this week.
HSBC moves to the metaverse
The Sandbox is a leading blockchain project that seeks to become the leading player in the metaverse. The platform is at the intersection of non-fungible tokens (NFT), gaming, and the metaverse.
In The Sandbox, users can buy plots of virtual land and develop them. At the same time, the platform runs a seasonal game known as Alpha where people can buy play, and earn rewards. Season two of the Alpha game is currently ongoing and thousands of people are actively participating. It will end at the end of this month.
The Sandbox also has a marketplace where people can buy and sell virtual items like avatars, vantage bars, village houses, and other items.
The main reason why the Sandbox price is rising is that HSBC became the first bank to acquire a plot of land in its platform. The bank hopes to use the acquisition to further its engagement with young people in the sports, esports, and gaming industries. The statement said:
“The agreement opens the door for other global institutions to continue innovating in Web3 as consumer adoption demands more robust experiences in the metaverse through decentralized and gamified offerings.”
Therefore, the SAND price is rising because of this partnership and the fact that it could incentivize more banks and companies in other sectors to launch their metaverse projects. Some of the firms that have embraced the technology are Nike, Gucci, and Disney.
The Sandbox price also rose after the Federal Reserve delivered its first interest rate hike since 2018. It rose since this rate hike was already priced in by the market. Also, last week, Sandbox partnered with World of Women.
The Sandbox price forecast
The four-hour chart shows that the SAND price has been in a strong bullish trend in the past few days. This rally started when the coin found a strong support level at $2.7183. Since then, it has managed to move above the 25-day and 50-day moving averages while the MACD has moved above the neutral level.
Therefore, the coin will likely keep rising as bulls target the next key resistance level at $3.42, which was the highest level on March 2.
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