- The Sandbox price has been in a strong bullish trend in 2023.
- This price action is in line with that of other metaverse tokens like Gala and Decentraland.
The Sandbox price has been in a strong bullish trend in the past few weeks. It jumped to a high of $0.76 on Tuesday, the highest level since November 7. It has jumped by more than 95% from the lowest point in 2023. Other metaverse tokens like Decentraland and Gala have all surged.
Why is $SAND soaring?
The Sandbox price has soared for several key reasons. First, it has jumped because of its close correlation with Gala Games whose token has surged by over 230% this year. Gala rallied after the developers announced the upcoming launch of Gala Film, which will feature movies by the likes of The Rock. Still, it is unclear whether this partnership will happen since they deleted the post.
Find out how to buy Sandbox.
Second, SAND has risen as the number of ongoing events in the ecosystem has risen. For example, MetaGreen is an event that will go on until February 28th. It has a reward pool of over 50,000 SAND. Game players can also win SAND rewards in Regal Hotels. Other events in the ecosystem are by Council of Fashion Designers, SMCU Palace, and Carrefour among others. There will be over 12 experiences in the ecosystem during the Lunar New Year.
Read our in-depth look of the metaverse market size.
Third, like other cryptocurrencies, SAND price has soared because of mcro factors. With inflation falling and recession risks rising, investors believe that the Federal Reserve has an incentive to end its aggressive tone. Data published last week showed that the American consumer price index (CPI) rose dropped from 7.1% in November to 6.5% in December. This also explains why other cryptocurrencies and stocks prices have surged recently.
However, data compiled by DappRadar is flashing red about Sandbox. The total balance in the ecosystem stands at $73 million while the Unique Active Wallets (UAW) in the past 30 days is 6.94k. Also, the number of transactions has dropped to 3.12k.
The Sandbox price prediction
The daily chart shows that the SAND price has been in a strong bullish trend in the past few weeks. As it rose, the coin moved above the important resistance level at $0.6315, the highest point on December 5. The token’s 25-day and 50-day moving averages have made a bullish crossover.
Therefore, Sandbox will likely continue soaring as buyers target the key resistance level at $0.90, which is about 23% above the current level. A drop below the support level at $0.63 will invalidate the bullish view.
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