The Sandbox token could slide below $1 if it breaks below the key $1.1 level
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The Sandbox SAND has gained 43% in the past week.
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Major organizations are building a virtual reality world in the Sandbox.
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The SAND token could rise further if price rejects decline below $1.1.
Sandbox’s SAND/USD is showing renewed hopes. The metaverse token has returned 43% in 7 days. The return is the second-highest in the top 50 cryptocurrencies by market cap. SAND’s gains have been fueled by activity on the blockchain, alongside improving crypto sentiment.
The Sandbox is a blockchain that aims to power entities and individuals to the metaverse. The virtual world enables users to build, own, participate, and monetize their virtual experiences. The Sandbox is an enabler to the metaverse world. Its native token, SAND, is crucial in conducting transactions on the blockchain platform.
The Sandbox has lived to the expectation of a virtual world enabler. Large organizations and celebrities have partnered with the blockchain to move to the metaverse. The latest partnership was with TIME Magazine around a week ago. TIME said the partnership would catapult the brand to a virtual world in The Sandbox. These developments are fueling SAND’s rise alongside an improved sentiment. Investors should, however, watch key levels.
SAND/USD technical analysis
Source – TradingView
Technically, SAND hit resistance at $1.33. Investors could be taking profit after the week’s-long rally. The crypto-token will proceed down to find support at $1.1. However, with the uncertain crypto landscape, SAND could break below the support. If that happens, then the token could crash to the next support at $0.96. If the $1.1 support holds, investors could ride another fresh rally to the $1.33 resistance.
Summary
Investors should watch SAND at $1.1. A buy signal would be triggered if the level holds and crypto sentiment remains robust. A break below would see the token crash to $0.96.
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