SAND rallies by more than 30%; Here is why
The broader cryptocurrency market is currently in a bearish run, but SAND has added more than 30% to its value over the past 24 hours.
The cryptocurrency market has been underperforming since the start of the week, with Bitcoin dropping below the $60k level earlier today. Ether also dipped and risked dropping below the $4,000 level for the first time in weeks.
Despite the recent bearish run, some cryptocurrencies have been outperforming the broader market. SAND is one of the best performing cryptocurrencies at the moment, and it has been up by more than 30% over the past 24 hours.
The recent rally was due to the Sandbox team announcing that the Sandbox Alpha metaverse would launch on 29 November. The metaverse alpha has been under development for the past four years, and this would be the first time users can have access to the features available.
The Sandbox team said a group of 5000 users would have the opportunity to earn up to 1,000 SAND (worth around $3,300 at current prices) and three exclusive NFTs after spending time across the 18 experiences put in place by the teams.
Key levels to watch
The SAND/USD 4-hour chart is one of the most bullish charts amongst the top 100 cryptocurrencies by market cap. Its RSI of 71 shows that SAND is currently overbought while its MACD is deep within the bullish territory, indicating that further positive performance could be on the cards.
SAND is 11% down from the all-time high of $3.63 it achieved earlier today. However, if it maintains its current momentum, then SAND could reclaim the all-time high level and rally towards the $4 mark over the coming hours and days.
The medium-term outlook for SAND remains positive, and the cryptocurrency could top the $5 mark before the end of the year. However, for it to rally higher, the coin would need the support of the broader cryptocurrency market.