For the past couple of months, the majority of the cryptocurrencies have been observing significant rallies. Among these cryptocurrencies observing the highest rallies, is The Sandbox (SAND). The Sandbox is the property of Animoca Brands, serving as a gaming platform based on the blockchain network.
Since the beginning of November 2021, SAND has observed a significant rally and it is constantly growing in price and volume. It was on November 23, 2021, when SAND experienced an all-time high.
The performance chart for SAND showed that the cryptocurrency’s overall growth on November 23 was all greens. It was in the middle of the day when SAND hit its all-time high of $5.64 per SAND. However, by the end of the day, SAND’s price retraced to $5.54 per SAND. On the particular day alone, the overall rally SAND observed was 16.25%.
This is not the only rally SAND has observed, as it has been achieving one milestone after another since the beginning of 2021. The year-to-date (YTD) and month-to-date (MTD) chart for SAND shows that it has achieved 14,700% YTD growth, while it has achieved 260% MTD growth respectively.
This upward trend has helped SAND achieve its all-time high market valuation of over $5 billion. In return, SAND has earned the 41st spot in the list of largest cryptocurrencies by market capitalization.
Several factors have reportedly helped gain a huge rally for SAND since the beginning of 2021, especially, in the month of November.
The first major catalyst in causing a great surge in SAND’s price is the announcement made by The Sandbox that involves its metaverse gaming event. The Sandbox team announced it will commence its play-to-earn event dubbed “Alpha”, where players will be able to access parts of its metaverse. The event is set to launch on the 29th of November, 2021 at 13:00 (UTC).
From the event, The Sandbox will select 5,000 lucky players who will be able to earn up to $5,540, which translates to 1,000 SAND. Apart from that, three lucky players will have the opportunity of winning three extremely rare nonfungible tokens.
Another major factor was the spot trading market for SAND, which observed mass purchases carried out by investors for the particular token. This resulted in SAND gaining a rally between 37% and 40% from November 20 to November 22.
While SAND is constantly observing a high trend in its price, the “relative strength index (RSI) seems to be going in an opposite direction. In the majority of the cases, the RSI moves in the same direction as the asset’s actual trend, which in this case is bullish.
However, SAND’s RSI seems to be going in the opposite direction on its performance chart. As the gap between SAND’s actual trend and RSI continues to grow, the possibilities of SAND’s trend chasing the RSI continue rising. This may result in SAND experiencing a short-term bearish trend.
On the other hand, the Fibonacci retracement graph shows that in the upcoming days, SAND may either go as low as $4.45 per SAND or at an all-time high of $8.72 per SAND.