The Sandbox (SAND) is currently one of the big gainers in intraday trading today. The token is up 22% and has surged beyond $6. It also seems like an extraordinary bullish momentum is starting to gather steam. SAND could be in for an incredible ride with both technical and fundamental analysis looking very positive. Here is what we know:
The recent rally was largely triggered by news that PwC Hong Kong was pouring significant capital on SAND
The Sandbox is also working to attract new users with the launch of its Alpha Season 2 experience
If the coin sustains gains above its $6.2 overhead resistance, a bullish uptrend will be coming soon
Data Source: Tradingview.com
The Sandbox (SAND) – price action and analysis
The PwC Hong Kong news was obviously huge. In fact, as soon as it was announced, SAND surged 8% almost instantly. The coin has since pushed those gains even further to nearly 22%. With momentum now well in force, we are likely to see even more gains in the coming days.
Also, SAND has surged slightly above its $6.2 overhead resistance. Analysts feel that if indeed bulls can sustain these recent gains above this level, then we are likely to see significant price consolidation around $6.2 or thereabout. This would also set SAND up for a bullish breakout that could take it closer to $10 in no time.
Should you buy the Sandbox (SAND)?
The overwhelming answer here is yes, and there are good reasons. First, we think SAND is grossly undervalued. There is so much upside here, especially as interest in Metaverse-related projects heats up.
Also, the moment institutional capital starts to flow into an asset, that’s when you buy. It means so much value is about to be unlocked on SAND, and you can’t afford to miss that ride.