Sandbox token SAND rallies 260% in November ahead of play-to-earn metaverse launch


SAND, the original token of Sandbox – a blockchain-based gaming platform owned by Animoca Brands – surged on November 23, building on gains made in November, and reached another all-time high.

SAND climbed to $5.64 after rising 16.25% for the day, but at the time of writing, it has retracted some of those gains and is trading at $5.54. As a result, the Sandbox token has grown by around 260% and over 14,700% over the month to date, respectively, with a market capitalization of over $5 billion, making it the 41st on the list of the largest cryptocurrencies. section.

The daily price chart is TRUE / USDT. Source: TradingView
Many catalysts for the rise in sand prices
This month’s abundance is due in part to The Sandbox’ announcement that it will unlock parts of the metaverse via a multi-week alpha event starting November 29 at 7:00 PM. 13:00 UTC.

In detail, the blockchain startup confirmed that it will select a pool of 5,000 players to earn up to 1,000 SAND (currently valued at $5,540) and three non-fungible (NFT) tokens, spending time on 18 virtual opportunities from the Sandbox.

In addition, the recent surge in buying in the SAND spot markets – which is up more than 37% and 40% against the US dollar and Bitcoin (BTC) in the past 24 hours – came on the hope of a potential collaboration between the Sandbox Giant and adidas sports products.

On Monday, adidas discussed on Twitter the possibility of creating a so-called “adiVerse” powered by The Sandbox.

At the time of writing, the tweet has received nearly 1,450 retweets and 4,400 likes.

RSI difference in games
Despite strong fundamentals, SAND is at risk of cornering bulls as price trends show clear deviations from the RSI.

In particular, the RSI usually returns higher values ​​when the market is rising and lower values ​​when it is declining. Sometimes the RSI and the market move in the opposite direction, resulting in what are called RSI divergences.

Related: Altcoins Metaverse and Blockchain Games Gather As Bitcoin Seeks Support

With that said, the lower RSI and the bullish market are showing a bearish divergence. Since early November, the SAND has formed a similar RSI divergence, indicating that the bullish momentum has slowed.

SAND/USDT daily chart with bearish RSI divergence. Source: TradingView
This does not mean that the uptrend is over, but it does warn of a possible exit in the short term. The following chart shows potential entry and exit targets for futures sessions based on the Fibonacci retracement chart between the $0.17 low and the $8.72 high.



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