Sandbox (SAND) refused to go down regardless of broader damaging market sentiment up to now 24 hours. Instead, the altcoin logged a breakaway restoration as merchants assessed its current high-profile partnerships as an indication that the undertaking has robust fundamentals.
SAND rose 10.23% to $3.38 on the UTC shut on Jan.27, adopted by one other 5.42% spike to $3.57 on Friday. In distinction, Bitcoin (BTC), dropped 1.41% throughout the identical timeframe.
SAND/USD each day worth chart. Source: TradingView
SAND adoption booms
Traders determined to extend their publicity to SAND after the Sandbox introduced partnerships with American rapper Snoop Dogg and Warner Music, a serious report label.
On Jan. 27, Snoop Dogg tweeted a teaser of what gave the impression to be his upcoming nonfungible token (NFT) assortment, dubbed “the Snoop Avatars.” The rapper additional hinted that his avatars would come as part of the Sandbox metaverse.
Somethin huge comin quickly. ⬇️ Keep up 2 date @TheSnoopAvatars @TheSandboxSport https://t.co/GkqdAJE10L
— Snoop Dogg (@SnoopDogg) January 26, 2022
Later, that day, the Sandbox introduced that it might create a music theme park and live performance venue inside its metaverse with the assistance of Warner Music. In doing so, the gaming undertaking famous that the Warner Music artists would just about have interaction with their followers and generate actual revenues streams.
“We’re shaping The Sandbox as a enjoyable leisure vacation spot the place creators, followers and gamers can take pleasure in first-of-a-kind immersive experiences and be extra intently linked to their favourite musical artists via NFTs,” Sebastien Borget, chief operations officer and co-founder of The Sandbox, told Cointelegraph.
Naturally, the high-profile partnerships boosted the prospects for SAND to find more takers in the future. That is primarily because of the token’s role as a primary asset inside the Sandbox metaverse — a medium of exchange, governance and staking. As a result, it fared better than most of its top-ranking crypto rivals on Jan. 27.
What’s next for SAND?
The latest bout of buying appeared in line with a choppy recovery in the broader cryptocurrency sector that started on Jan. 24.
Between its nadir of Jan. 22 and Jan. 28’s top, the crypto market added over $150 billion to its net valuation. SAND, which recovered alongside other assets, bottomed out at $2.56 then went on to rally over 40% in just four days.
SAND/USD daily price chart. Source: TradingView
Following the bounce, SAND price confirmed its 200-day exponential moving average (200-day EMA; the blue wave in the chart above) as its interim support. If the euphoria surrounding the Snoop Dogg and Warner Music partnerships sustain, Sand will likely extend its upside momentum toward the 50-day EMA (the red wave) near $4.50.
Meanwhile, independent market analyst Cantering Clark doubted the upside setup, reminding that SAND’s pump could have posed a “useful exit for holders” before a potential bearish continuation ahead.
The views and opinions expressed listed here are solely these of the creator and don’t essentially replicate the views of Cointelegraph.com. Every funding and buying and selling transfer includes threat, you need to conduct your personal analysis when making a call.
