SAND Soars Over 260% In November While Metaverse is on Fire
The Sandbox’s token price (SAND) keeps posting gains across the board while metaverse gathers steam, now exchanging hands at around the $7.89 level. A bullish pattern formation is underway that could unleash more upside in the coin while the rally persists.
So far this month, SAND has skyrocketed over 260%, recording significant highs and pocketing significant profits in-between. That implies that the price had managed to rally over 14,700% in a matter of weeks, according to the charts, while its market capitalization crossed the $5 billion milestone.
The blockchain-based gaming platform owned by Animoca Brands looks forward to adding more spice to the cryptocurrency sphere by adding more related content such as NFTs and bolstering the token’s circulation.
The Sandbox: Recent Partnerships
Moreover, Request Finance recently announced that The Sandbox joined their team as one of its major customers, together with other blockchain companies like AAVE, MakerDAO, and Chainstack. The maneuver will allow The Sandbox to streamline all its invoicing processes smoothly while the demand for the game keeps rising.
There are also rumors that Adidas could be preparing the ground to ink a partnership with The Sandbox.
In fact, the metaverse-friendly blockchain gaming firm shouted at the possibility by posting a tweet, mentioning Adidas and calling them to “design our future together” – an invitation that was replied by the giant retailer with another question: “adiVerse anyone?”
adiVerse anyone? 🤔
— adidas Originals (@adidasoriginals) November 22, 2021
“Buying The Dips” Around $4.70?
In the meantime, SAND has been finding support around the 23.6% Fibonacci retracement level at $7.13, and it could give up to allow another leg lower towards the support area of $6.20 as the next critical hurdle to the downside.
Still, the token should find a strong support at the 200-period simple moving average to gather enough momentum and resume the bull-run towards new highs after cracking the $8.63 zone, followed by the $9.00 level.
At the H4 chart, the RSI indicator is trying to quit the overbought territory, calling off for a possible top.