Advertisement
Advertisement

SAND Price Prediction: Will it Reach $2?

By:
Mohadesa Najumi
Updated: Aug 10, 2022, 16:39 UTC

SAND has surged 19% over the last thirty days after the project secured a series of high-profile partnerships

The Sandbox logo on a phone alongside laptop

Key Insights:

  • SAND is up more than 4% in the last 24 hours and has gained 3.37% over the last seven days. 
  • The project recently partnered with Gravity, Tony Hawk, Playboy and Paris Hilton. 
  • SAND could reach $1.454 by September 2022 if current momentum continues.

The native token of The Sandbox (SAND) ecosystem has shown some positive price action since mid-July after reaching the $1.40 level for the first time since June 1, and surging 19% over the last thirty days.

However, the token fell to a low of $1.10 on July 26, raising the question of whether its price is likely to reverse. This comes after a dismal Q2 performance for LAND sales.

LAND Sales

As a popular metaverse-based game, The Sandbox has gained notoriety for creating a unique entry point into the virtual world by allowing users to earn rewards. Given this, the project’s non-fungible token (NFT) LAND plot sales skyrocketed last year, increasing 1,600% in just one day on April 14. On this day, sales of 854 LAND plots generated $2.6 million in just one hour.

Such positive developments led to a surge in SAND’s price and the token soared to its all-time high (ATH) price of $8.44 on November 25, 2021. At the time, this represented year-to-date gains of 2,450%.

 

SAND weekly price chart
SAND 100822 Weekly Price Chart

Last month, Gravity partnered with The Sandbox to build Ragnarok LAND in its metaverse while Tony Hawk, one of the most popular skateboarders in the world, also joined the NFT fray with plans to build the largest metaverse skatepark to date. Not to mention that Playboy is set to launch a MetaMansion in The Sandbox. The combination of such news has led to SAND gaining nearly 20% in 30 days.

From a technical perspective, the $0.60 threshold was a crucial area of support for SAND last month as price action remained range-bound, stagnating between $1.10-$1.40. The token did however climb from a low of $0.7822 on June 18 to $1.467 by July 20 — an 87% spike. During this time, SAND pushed above the 20 to 50-day exponential moving averages (EMA) but stayed below the 100-day EMA.

By July 26, SAND’s price had corrected to $1.1551. This drop coincided with the publication of a report by Messari on July 26 detailing how The Sandbox recorded $7.7 million in primary LAND sales in the second quarter of this year — a 90% decline from its peak of $283 million in Q4 2021.

The latest data published by McKinsey & Company could be an influential factor on SAND’s price action as the global consulting firm estimates that the metaverse could generate revenues of up to $5 trillion in the next five years. In fact, companies have already invested over $100 billion so far this year in the development of this virtual realm.

SAND is currently trading at $1.33 and has moved above its 30 and 50-day simple moving averages (SMA). It ranks 37th in the list of cryptocurrencies worldwide by market capitalisation at $1.7 billion. The token’s price is up 4% in the last 24 hours after it has been revealed that Paris Hilton’s company, 11:11 Media will be building a virtual mansion in The Sandbox.

 

SAND daily price chart
SAND 100822 Daily Price Chart

Technical Indicators

Technical analysis shows that short-term sentiment on SAND is neutral, with 15 indicators displaying bullish signals compared to 13 bearish signals at the time of writing. Resistance is at $1.7641, while support can be found at $0.7903.

The daily simple and exponential moving averages are giving mostly buy signals, while the relative strength index (RSI) stands at 54.2.

An RSI reading of 30 or below indicates an oversold or undervalued condition, while a reading above 70 would suggest the asset is becoming overvalued or overbought.

In terms of a Sandbox crypto price prediction, SAND could see its price rising to $1.454 by September 2022 if current momentum continues.

About the Author

Mohadesa Najumi is a British writer who has worked within crypto, forex, financial technology, and the stock market industry. Mohadesa received her MSc in Political Science and International Relations at the University of Amsterdam.

Did you find this article useful?

Advertisement