Sandbox Price Strategy: SAND spikes by 17%; More gains in store?

Saif Naqvi
Source: Pixabay

Metaverse investors might have been left dispirited in March thus far, with leading metaverse tokens off to a quiet start despite a couple of Bitcoin rallies during the month. Well, this time around, metaverse alts did not seize the opportunity to log gains once Bitcoin closed above $40K. Leading from the front, The Sandbox was the highest metaverse gainer of the day, with its sentiment buoyed by recent collaborations and a Snoop Dogg-themed game. At the time of writing, SAND traded at $3.2, up by 17% over the last 24 hours.

Sandbox Partnerships

The Sandbox project’s spree of alliances extended with a parentship with Singaporean-based Altava Group. As part of the agreement, Altava will display its NFT on its land in the Sandbox and allow users to virtually experience luxury brands and lifestyle brands.

The partnership was announced in less than 24 hours from a collaboration with Hong Kong’s HSBC. The global financial services provider has fancied prospects offered by eSports and looks to tap SAND’s metaverse to engage with gaming fans.

SAND And Snoop

Source: TradingView

Recent alliances were not the only reason SAND was trending on social media websites. The project finally gave the community a glimpse of ‘Snoopverse’ – a metaverse game themed after Snoop Dogg where users can meet, attend concerts, buy NFT’s and earn SAND tokens. Back in December 2021, pseudo-anonymous user P.Ape made news after shelling nearly half a million dollars to buy a plot of land in the Snoopverse.

Sandbox Price Chart And Strategy

Source: TradingView

The Sandbox’s weekly time frame showed that a buying opportunity was up for grabs even after the latest pump. Its chart pictured a bull flag set up – a technical pattern after forms before a price hike. The height of the ‘flagpole’ is used to compute how high an asset’s value can go after a breakout. In SAND’s case, the flagpole measured a potential spike of over 1,200%.

Naturally, such gains are only achievable in the long run and within a bullish crypto market. However, an early entry can be taken once SAND closes above the upper trendline. Entry can be set at $3.65 and a near-term take-profit can be set at an ATH of $8.2. Stop-loss should be maintained at $1.95. The trade setup carries a 2.68 risk/reward ratio.