SAND, the native token of the metaverse platform ‘The Sandbox,’ has seen a remarkable surge of over 40% in the past month, buoyed by a broader market resurgence that propelled its price to $0.61—an achievement not seen since April of this year. Notably, SAND gained traction as one of the prominent GameFi tokens during 2020-2021, offering individuals an alternative income source during pandemic-induced lockdowns.
Exploring Opportunities: The Sandbox in ‘Depression’
While GameFi tokens faced a decline in value alongside the broader crypto industry starting in late 2021, there are signs pointing to a potential resurgence, especially as recent data suggests that SAND is currently in a ‘depression’ phase. On-chain analyst Ali Martinez highlights the significance of this phase in the typical market psychology cycle, indicating a possible opportune moment for investors. Referring to the Wall Street cheat sheet, which delves into market cycle psychology, Martinez emphasizes the cyclical nature of markets, with consistent recurring patterns.
During this ‘depression’ phase, public confidence reaches a low point, but subtle signs of improvement emerge. Investors, though emotionally battered, should recognize that sellers have largely exited the market, paving the way for the accumulation of assets at exceptionally low prices—a precursor to the next market cycle’s momentum.
Martinez points out that the bullish opportunity for SAND is identified at $0.55, a level already surpassed. With a clear path forward and minimal resistance, SAND may target higher levels. The next critical resistance barrier lies between $0.90 and $1.35, where 23,000 addresses collectively hold 447 million SAND tokens. This insight suggests a potential upward trajectory for SAND in the near future.
The Sandbox Unveils Ambitious Expansion Strategies
Following The Sandbox’s expansion plans, a bullish outlook is on the horizon. Recently disclosed, the metaverse platform is strategically positioning India to become its largest market within the next two years.
The initial step into the Indian market took place in February, marked by a noteworthy joint venture with a local entity. This move signifies a significant milestone for The Sandbox, a subsidiary of Animoca Brands, a prominent player in metaverse gaming and venture capital.
Earlier in the year, The Sandbox faced a security breach through a malicious application. As previously reported, an unauthorized third party gained access to the computer of one of its employees. Subsequently, this compromised information was used to craft a deceptive email, posing as The Sandbox. Despite this incident, the platform remains focused on its expansion goals, particularly in establishing a robust presence in the Indian market over the next two years.
Leave a comment