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The native token of The Sandbox, SAND edged even higher on November 23, building on its month-long gains to reach a new record high.
Sandbox Token Month-to-date Gains Hit 260%
Despite the price of SAND rising to $5.64 during the day, it has since retraced some of those gains and is now trading at $5.41 at the time of writing. With that move, the token’s year-to-date and month-to-date gains have reached 14,700% and 260% respectively, bringing its market capitalization a little over the $5 billion mark. Thus, making the token rank as the 41st-largest coin in the crypto sector.
Meanwhile, the boastful SAND price rally of this month can be attributed to many catalysts, especially the recent announcement by the Sandbox. Sandbox recently mentioned its intentions to launch part of its metaverse via its multi-week play-to-earn Alpha event that’s skated to begin on November 29 at 1:00 pm UTC.
Here’s The Major Catalyst of SAND’s Rally
The blockchain startup confirmed in its statement, that it would be selecting up to 5,000 random players to earn up to 1,000 SAND (equivalent to $5,540), alongside 3 nonfungible tokens (NFT) for spending time on all 18 Sandbox’s virtual experiences.
In addition to that, there’s also the anticipation for an impending partnership between the Sandbox and sports merchandise bigwig Adidas. For this reason, there has been a serious bout of buying across SAND spot markets, making it gain over 40% and 37% against Bitcoin (BTC) and the U.S. dollar in the last 24 hours.
Now, despite all these concrete fundamentals, SAND may be rallying into a bull trap. This is because its price trend is showing real deviation from its relative strength index (RSI).
From all indications, and especially seeing as SAND has been forming a bullish divergence since the start of November, this is a telling sign that the momentum in the move to the upside has been slowing down.