SAND, which serves as the native currency token of The Sandbox, a gaming platform that has been built on blockchain, recently crept higher. The blockchain had been making major gains across the month to register another record high. The price of the token went up by $5.64 after increasing to 16.25%, but then it retraced some of its gains to then trading at a price of $5.54.
The move did take the entire month-to-date and year-to-date gains of the token to above 260% and over 14,700%, with its market cap jumping over $5 billion which would make it the 41st largest coin in the crypto sector.
Many catalysts behind the SAND price rally
The exuberance of SAND this month was definitely in part accredit to the announcement of The Sandbox that it would be opening up a major part of its metaverse through its multi-week play-to-earn Alpha event that would begin on the 29th of November at 1 pm.
In detail, however, the blockchain startup did confirm that it would be selecting a group of 5,000 players to earn around 1,000 tokens of the blockchain currency, along with three NFTs- while they spend time through the 18 virtual experiences of Sandbox.
The rally certainly found some major help with the recent spread of buying across SAND spot markets- which effectively saw the gain in its price over 37% and 40% against the USD and Bitcoin in the last 24 hours- which brought with itself hopes of a potential collaboration that took place between The Sandbox and Adidas.
Despite its solid foundations, SAND might risk pushing itself into a bull trap- with the trend in its price displaying major deviations from its RSI or relative strength index.