According to CryptoPotato, SAND, the native token of metaverse platform The Sandbox, has experienced a 40% increase in value over the past month, reaching a price of $0.61. This growth is attributed to a broader market resurgence, with the token's price last seen at this level in April. SAND is a popular GameFi token that gained prominence during the 2020-2021 pandemic, providing an alternative source of income for individuals during lockdowns. However, the values of GameFi tokens declined sharply as the broader crypto industry experienced a downturn starting in late 2021. The latest data suggests that SAND may be in a 'depression' phase, which could indicate a favorable moment for the market to gear up for a prospective upturn.
Prominent on-chain analyst Ali Martinez referenced the Wall Street cheat sheet, which dissects the psychology of market cycles and illustrates the varied emotions at play. According to the chart, markets operate in cyclical patterns, with these cycles recurring consistently. In the depression phase, public confidence in the market reaches its lowest point, but signs of improvement subtly emerge. Investors need to recognize that sellers have exited the market, opening the door for the accumulation of assets at exceptionally low prices and marking the beginning of the next market cycle's momentum. Martinez noted that the bullish opportunity for SAND lies at $0.55, a level that has already been surpassed. With a clear path ahead and no major resistance, SAND could target higher levels, with the next crucial resistance barrier situated between $0.90 and $1.35.
The bullish prognosis follows The Sandbox's expansion plans, as the metaverse platform aims to establish India as its largest market within the next two years. The Sandbox first entered the nation in February through a joint venture with a local entity, marking a significant first for the subsidiary of metaverse gaming and venture capital giant Animoca Brands. Earlier this year, The Sandbox encountered a security breach through a malicious application, with an unauthorized third party accessing the computer of one of its employees and using the obtained information to send a deceitful email posing as The Sandbox.
