The Sandbox price is tilting upwards even as demand for non-fungible tokens (NFT) and the metaverse wanes. SAND is trading at $0.9800, about 32% above the lowest level this month. Its market cap has jumped to more than $1.22 billion, the 46th biggest coin in the world.
Sandbox is one of the biggest blockchain platforms in the metaverse industry. It is a platform that enables people and companies to participate in the metaverse. For example, it is possible to purchase virtual property on the platform. Also, Sandbox has a strong presence in the non-fungible token (NFT). Further, Sandbox has a seasonal game known as Alpha.
Sandbox has made headlines in the past few months. For example, Lionsgate, the leading player in the movie industry, recently partnered with it to create a film-themed metaverse destination. And two weeks ago, Mastercard announced that it was partnering with Sandbox. The goal is to simplify how people buy non-fungible tokens.
Still, there are concerns about Sandbox. For example, as the price of the SAND token keeps falling, there is a likelihood that more people will exit the industry. In addition, recent data shows that interest in the metaverse and NFTs has waned recently.
The four-hour chart shows that the SAND price has been in a strong bullish trend in the past few days. A closer look at the chart shows that the coin moved above the key resistance at $0.9211, the lowest level on May 12th. It also rose above the standard pivot point and is between the 25-day and 50-day moving averages.
Therefore, there is a likelihood that the Sandbox price will continue rising as bulls target the second resistance at $1.12500, which is 15% above the current level. Conversely, a drop below $0.9200 will invalidate the bullish view.
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