SAND up 40% after Sanbox partners with Snoop Dogg and Warner Music – what’s next?
Sandbox (SAND) price refused to decline over the past 24 hours despite the ongoing negative market sentiment. Instead, the altcoin rallied abruptly as traders took recent high-profile partnerships as a sign that the project has strong fundamentals.
SAND rose 10.23% to $3.38 on Jan. 27, followed by another 5.42% surge to $3.57 on Friday. In contrast, Bitcoin fell 1.41% over the same period.
Explosive acceptance of SAND
Dealers decided to increase their involvement in SAND after Sandbox announced a partnership with American rapper Snoop Dogg and major record label Warner Music.
On January 27th, Snoop Dogg tweet a trailer for his upcoming NFT collection titled Snoop Avatars. The rapper also hinted that his avatar is part of the Metaverse sandbox.
Later that same day, Sandbox announced that it would be creating a music theme park and concert venue in its Metaverse with the help of Warner Music. The game project notes that Warner Music artists will interact with fans and generate real revenue streams.
“We are shaping The Sandbox into an exciting entertainment destination where creators, fans and players can enjoy a uniquely immersive experience and bring artists closer to their favorite music through NFT,” said Sebastien Borget, operator and co-founder of The Sandbox.
Of course, the known partnerships have increased the prospects for SAND to find more participants in the future. This is largely due to the token’s role as a primary asset within the Metaverse sandbox – a medium for exchange, governance, and staking. As a result, it outperformed most of the top crypto competitors on January 27th.
What’s next for SAND?
The recent buying comes alongside a rally in the broader crypto space that began on Jan. 24.
Between January 22nd and 28th, the crypto market increased its net worth by over $150 billion. SAND rallied along with other assets, bottoming at $2.56 and then surging over 40% in just 4 days.
After recovering, SAND price confirmed the 200-day exponential moving average (blue wave in the chart above) as temporary support. If the euphoria from the Snoop Dogg and Warner Music partnership continues, SAND is likely to extend its rally towards the 50-day EMA (red wave) near $4.50.
Meanwhile, independent market analyst Cantering Clark cast doubt on the bullish setup, reminding that the SAND pump could act as a “catalyst” to provide a “useful exit for holders” ahead of the potential pullback ahead. The price increase slows down.
The gravity responsible for Gala’s poop is the same that comes $SAND.
Look at the charts.
This pump today is a helpful exit for holders before bad luck strikes and a free quick jump-in for those in the know.
Catalyst pumps are fades. pic.twitter.com/JEkMDG9jpm
— Cantering Clark (@CanteringClark) January 27, 2022
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