- Summary:
- The Sandbox price has been under pressure. SAND, its native token, has done well. what next for the coin in the near term?
The Sandbox price has been under pressure. SAND, its native token, is trading at $4.86, which is about 45% below its highest level on November 25th. Its market capitalization has declined to over $4.47 billion, making it the 38th biggest cryptocurrency in the world.
The Sandbox is a leading blockchain platform backed by Masayoshi Son’s Softbank Group. The platform has several aspects to it. First, it is a play-to-earn platform where people compete for SAND rewards. In the past Alpha season, the developers distributed over 5 million SAND that are currently valued at over $200 million. The Alpha Season 2 will start in the coming weeks.
Second, The Sandbox is a metaverse platform that allows people to buy land and other items. It made headlines last year when a person bought a plot of land for over $4 million. Third, it is a non-fungible token (NFT) play that enables people to buy collectibles.
While The Sandbox is a leading platform, its price has lagged recently as investors take profit. There are worries that the industry will struggle in a high-interest rates environment.
The Sandbox price prediction
The daily chart shows that The Sandbox price soared to an all-time high of $8.76 on November 25th. The coin then started a sharp decline as profit-taking continued. Along the way, the coin found a floor at about $4.110, which was slightly below the 50% Fibonacci retracement level. It also moved below the 25-day and 50-day moving averages.
Therefore, there is a likelihood that the coin will have a bearish breakout in the near term. This view will be confirmed when the price manages to move below the support at $4.11. However, a move above $6 will invalidate the bearish view.
