SAND, the native token of The Sandbox ecosystem, reached a high above $6 despite the broader market currently experiencing a mixed performance.
The cryptocurrency market has been experiencing mixed performances in recent days, with Bitcoin trading around the $50k level again for the first time in weeks. Ether is also heading towards the $4,100 level after underperforming since November.
However, one of the best performers in the market remains SAND. The native token of The Sandbox platform has rallied by more than 10% in the past two days and currently trades around the $6.7 mark.
The rally was due to PwC Hong Kong, an international subsidiary of the global PricewaterhouseCoopers (PwC) organization, purchasing a virtual land on The Sandbox platform. This latest development makes PwC one of the largest global institutions to enter the metaverse space.
PwC Hong Kong will use the metaverse to advise its clients about the booming technology space. By using the metaverse, it intends to convince more clients to make smart financial choices when it comes to the tech space. Chief operating officer of The Sandbox Sebastien Borget said;
"The metaverse is open for business. We welcome PwC Hong Kong to experience how The Sandbox fosters new immersive experiences and ways for brands to connect with customers."
Key levels to watch
The SAND/USD 4-hour chart is one of the most bullish in the cryptocurrency space at the moment. The coin's technical indicators show that it is performing well thanks to its recent surge in price.
The MACD line is above the neutral zone, while the RSI of 43 shows that SAND is heading towards the oversold region. SAND is also trading above its 50-day simple moving average, showing that the coin is performing well.
If SAND can maintain its current momentum, then it could rally towards its previous all-time high price of $8.26 over the coming hours. In the event of an extended rally, SAND could set a new all-time high around the $9 mark.