Here is why SAND is up by more than 10% today

SAND is one of the best performers amongst the top 50 cryptocurrencies by market cap.

The crypto market continues its fine start to the week, with the major coins and tokens currently in the green.

The total cryptocurrency market cap stands above $1.9 trillion at press time, up by nearly 2% in the last 24 hours.

If the momentum is maintained, the total cryptocurrency market cap could soon cross the $2 trillion mark. Bitcoin remains the leading coin by market cap and currently trades above $41k per coin.

SAND, the native token of The Sandbox ecosystem, is one of the best performers amongst the top 50 cryptocurrencies by market cap. The token added more than 10% to its value in the last 24 hours, outperforming the other major cryptocurrencies.

The Sandbox announced two major partnerships a few hours ago, and they are the primary catalysts behind SAND’s ongoing rally. 

The Sandbox announced that it has partnered with Apex Athletes to bring Shaun White, Nathan Chen, Chloe Kim, Lindsey Vonn and Ayumu Hirano to The Sandbox Metaverse.

The team also announced that it had partnered with Knotfest and Slipknot to create the Knotverse.

Key levels to watch

The SAND/USD 4-hour chart is currently bullish as SAND recovers from its recent slump. The technical indicators show that SAND is no longer in a bearish trend.

The MACD line is above the neutral zone, indicating positive momentum for The Sandbox. The 14-day relative strength index of 63 shows that SAND could soon enter the overbought region if the bullish momentum continues.

At press time, SAND is trading at $2.989 per coin. If the rally continues, SAND could break past the first major resistance level at $3.116 before the end of the day. In the event of extended bullish performance, SAND could trade above $3.50 for the second time this month.