SAND sets a new all-time high at $7.1; here is why
SAND has set a new all-time high above $7.1 earlier today despite the cryptocurrency market recording losses for the second consecutive week.
SAND, the native token of The Sandbox ecosystem, raced to a new all-time high earlier today despite the broader cryptocurrency market recording losses for the second-consecutive week. Bitcoin, Ether and the other leading cryptocurrencies are trading in the red zone at press time.
However, SAND reached a new all-time high of $7.1 an hour ago, after rising by more than 31% over the past 24 hours. The rally comes ahead of The Sandbox launching its metaverse alpha on 29 November.
The Sandbox Alpha is the platform’s multi-week play-to-earn, and it is set to start in less than a week. The event will put The Sandbox in a unique position in the emerging metaverse space and could lead to a further rally in the cryptocurrency space.
The potential deal between The Sandbox and sports merchandise giant Adidas is another reason why SAND is currently rallying. Adidas has talked about its adiVerse, and The Sandbox is expected to lead the company’s charge into the metaverse space.
adiVerse anyone? 🤔
What should we build, together in @TheSandboxGame? ⬇️ https://t.co/VbAdIi9cxN
— adidas Originals (@adidasoriginals) November 22, 2021
Key levels to watch
The SAND/USD 4-hour chart is one of the most bullish in the market at the moment, thanks to its recent rally. At press time, SAND is trading at $7.1, up by more than 30% over the past 24 hours. SAND’s MACD line is way above the neutral zone, indicating a bullish performance.
The RSI of 83 shows that SAND is currently overbought, and the coin could rally higher over the coming days. If the current momentum is maintained, then SAND could rally past the $8 psychological level over the next few hours. An extended rally from SAND or recovery from the broader market would allow SAND to make a move towards the $8.5 level before the end of the day.