The Sandbox (SAND), one of the most popular Metaverse tokens in the crypto market, has started the year on an impressive note. Since January 2023, the coin’s price has maintained a steady upward trend. Despite minor fluctuations, SAND is recording possible bullish patterns of up to 19% in the last seven days. But is this trend sustainable? Will SAND’s value remain high or continue to rise in the future? Here’s a SAND price prediction article to help you analyze the existing possibilities.
How Sand Token Works
SAND is the native token of the popular crypto gaming title, The Sandbox. This metaverse-themed game was launched in 2011 with the sole purpose of providing players with a chance to create their own gaming experiences.
In the game, players can buy land, create events, construct buildings, design other assets, and even invite other players to participate in their in-game experiences. SAND is a critical piece to achieving this setup.
This ERC-20 token allows The Sandbox’s players to buy or rent LAND, which is the most critical element needed to start the game. Land is a digital parcel of land that is unique and registered on the blockchain as a non-fungible token (NFT). Sandbox players use SAND to make payments and transactions in order to purchase LAND and other materials in the game. This makes SAND a highly valued token and one that attracts a lot of investor attention.
Besides buying LAND and other in-game assets, SAND offers its holders a chance to earn rewards for staking the coin. SAND also serves as the game’s governance token. In this case, the coin allows holders to vote in favor of or against the major changes that feature in The Sandbox’s game development process.
SAND Fundamental Analysis
The growth and popularity of the metaverse are spreading rapidly among crypto enthusiasts. With this, more and more people are trying out crypto-based games like The Sandbox and embracing the lucrative earning potential they offer. This places SAND in a very unique position. As a metaverse-related crypto gaming asset, this coin’s value is set for better days.
— WhaleAnalytica – Metaverse Bot ? (@metadatabot) January 22, 2023
The Sandbox has also announced various new partnerships with brands that are sure to impact the coin’s price positively in the near future. All these are good signs that SAND might just start to experience an upward trend.
? @AMTDGroup and The Sandbox announce the start of their official long-term partnership for the centenary brand @lofficielparis, to open its cultural and fashion hub and enhance East meets West cultural exchanges. pic.twitter.com/Mmrnj7V3uB
— The Sandbox (@TheSandboxGame) January 19, 2023
SAND Technical Analysis
SAND’s price dropped slightly today, which is expected because of the turbulence in the crypto markets. The coin’s price dropped 0.1%, leaving it at a price of $0.8192 and a 24-hour trading volume of $307,190,453 with a circulating supply of 1.6 billion and a total supply of 3,000,000,000 at the time of this writing.
According to the chart above, SAND has been experiencing a gigantic falling wedge for the last eight months, showing very bearish signs all the while. Traders typically wait for rest after such a breakout to confirm that the breakout is genuine. However, recently, SAND broke out of the $0.06 falling wedge, retested the levels, and continued the upward movement. The fact that it also crossed above the 50-day moving average shows very strong bullish signals for investors to get into the project.
SAND Price Prediction
According to the take-profit (TP) mechanism of falling wedges, our SAND price forecast indicates that it will rise by around 162% in the coming weeks. This would set its price at $1.8. On its journey to the target price, there are a few resistance points it has to overcome. If it can overcome the first resistance level at $1 and later at $1.4, then SAND will run all the way to our target price.
With this expected price forecast, now is the best time to get into SAND before it’s too late.
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