Sandbox and SAND token: Let us dig deeper
Sandbox is a major venture-backed blockchain project that is changing how people game and interact in the virtual universe. It is a metaverse product that is at the intersection of gaming, non-fungible tokens (NFT), and virtual real estate. It has become so popular that people are spending millions of dollars in purchases.
Sandbox runs a gaming event known as Alpha where people compete to win prizes. In March 2022, thousands of people participated in the event that had a pulse worth millions of dollars.
SAND is the native token for the ecosystem. It is used to reward users and facilitate transactions in the community. For example, you can buy avatars and even virtual property using these coins.
At the time of writing, SAND was trading at $3.6, giving it a market capitalization of over $4.1 billion and a diluted value of over $10 billion. The supply limit of the coin is 3 billion while those in circulation are 1.1 billion.
Sandbox (SAND) price history and technical analysis
Sandbox has had a strong performance since it was launched in 2021. Initially, the coin’s price jumped to an all-time high of $8.80, giving it a peak market value of over $6.9 billion. This performance happened at a time when there was enthusiasm about metaverse coins after Facebook changed its name to Meta.
The daily chart shows that the coin’s price retreated and found a strong support at $2.63 in the first quarter of 2022. It has then bounced back and is attempting to move above the yellow descending trendline. It has moved above the 25-day moving average while the Relative Strength Index (RSI) is pointing upwards.
The coin has also risen above the lower side of the modified pitchfork indicator. Therefore, there is a likelihood that the coin will continue the bullish trend as bulls target the next key resistance at $5. A drop below the support at $2.63 will invalidate the bullish view. It will send a signal that there are still more sellers in the market.
Sandbox (SAND) price prediction for a year
Sandbox is in one of the fastest-growing industries globally. Analysts expect that the metaverse, NFT, and virtual gaming will have a strong growth in the coming years. Therefore, since it is in a pole position, there is a likelihood that Sandbox will do well in 2022.
As shown in the chart above, there are signs that the downward trend gas found a floor at around $2.36. Therefore, there is a possibility that its price will keep rising and possibly retest the resistance at $6 or even its all-time high.
A study by Long Forecast supports the bullish view. It estimates that the coin will end 2022 at about $7.9, which is more than 100% above the current level.
Another estimate by Wallet Investor is that SAND price will end the year above $6, which is equally a strong performance.
Sandbox (SAND) price prediction for 2025
The outlook of Sandbox for 2025 is bullish, which explains why some well-known investors like Masayoshi Son of Softbank have invested in it. On the weekly chart below, the coin has managed to stay slightly above the lower side of the pitchfork. If we extrapolate the tool to 2025, the lower side will be at $6.32 while the upper side will be around $12. Therefore, if we take the middle line, the estimate for 2025 is $10.
The same view is shared by Long Forecast, who expect that the coin will rise to about $12 in 2025. Another estimate by Digital Coin Price is that the coin will average $7 in 2025.
Sandbox (SAND) in questions and answers
Is SAND coin real?
Yes. SAND is a real coin. It is widely used in trading in the Sandbox metaverse ecosystem.
Will SAND reach $100?
SAND is trading at $3.59, meaning that its price needs to jump by more than 3,000% to get to $100. This is highly unlikely to happen in the near term.
Should I buy Sandbox coin?
Sandbox has been a good investment although its price has retreated in the past few months. However, there is a likelihood that it will rebound in 2022.
How much will be Sandbox be in five years?
Sandbox looks like a good cryptocurrency since it is supported by both fundamentals and technicals. Fundamentally, it is estimated that its industries will keep doing well while technical charts show that its price will keep rising.
Where do I buy Sandbox?
Sandbox is a popular cryptocurrency, meaning that many exchanges offers it. You can buy its spot token in platforms like Binance and Coinbase. You can also trade it in decentralized exchanges.
This article represents the views of the author. Cryptocurrencies are highly speculative assets and the author will not be held liable for any losses.
