Metaverse tokens have had a torrid period in recent weeks. Sandbox (SAND) is one of the leading coins in this category, bottoming at around $2.55 not so long ago. But there has been quite some recovery ever since. Here are the key highlights of the last week or so:
Sandbox continues to build significant upward momentum in the recent rally.
The coin could target $4.4 in the coming days if current trends hold
A run towards $4.4 will deliver gains of up to 30% from the current price
Data Source: Tradingview
Sandbox (SAND) – Is $4.4 likely?
There has been a lot of good news coming from Sandbox (SAND) in the last few days. One notable development has been a new partnership with HSBC, one of the biggest banks in the world. There has also been a massive flow of institutional money towards SAND.
These positive developments have also been reflected in the price. After bottoming at $2.55 at the end of January, SAND has rebounded. It has rallied by nearly 40% from its lowest level this year, and it looks like this upward trajectory will last even longer.
First, the RSI on the chart is showing a bullish trend. SAND is also well above its 55-day SMA and has managed to breach a crucial resistance of $3.44. As a result, we expect the coin to surge towards $4.4 in the near term. If bulls are able to smash past $4.4, then we could see SAND test $6.2 and even $7.4 in the medium term.
Why are investors holding Sandbox (SAND)
There are several reasons. First, SAND has incredible bullish momentum right now and as such, opportunities for a decent return in the near term are high.
From a longer-term perspective, metaverse coins are expected to grow further this year. SAND is one of the main coins in that category and as such, it makes sense to hold it for longer.