On Friday, The Sandbox token (SAND) recorded a price of $0.7241, according to CoinMarketCap. The metaverse token gained momentum over the weekend, peaking at $0.879 before returning to the $0.85 range on Monday, recording a 23% surge.
Of the 23% gain, The token increased by 13% in the last 24 hours before traditional markets opened. Interestingly, The Sandbox’s daily trading volume skyrocketed, projecting a 160% gain to $671.2 million on Monday.
The recent surge could be due to the U.S. Consumer Price Index (CPI) announcement, which helped the crypto market rally. The SAND token has performed exceptionally since the start of the year, surging 221% to a high of $0.925.
Notably, most coins, including Bitcoin, have performed well since the year’s start. While the factors behind the “unexpected” rally have yet to be determined, one factor could be the hype surrounding the Artificial Intelligence (AI) and Zero-Knowledge (ZK) narrative.
Over the last week, Bitcoin’s (BTC) price has visited the $25,000 range multiple times, allowing the bulls to regain confidence and pour their money into altcoins. The recent surge could be correlated with the bulls looking for alternatives.
Additionally, some users on Twitter have also pointed out that SAND is forming a cup and handle pattern and is eyeing a breakout to challenge a fundamental support level at $0.925, this year’s high.
The Sandbox team has consistently shared positive news and developments surrounding the project, counteracting bearish markers. Last week, The Sandbox unlocked 12% of its total token supply, amounting to 370 million SAND tokens worth approximately $308 million.
However, the token unlock event did not adversely impact the price. It’s reasonable to infer the 23% increase could be correlated to the positive news from the team.
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- Source: https://dailycoin.com/the-sandbox-sand-skyrockets-23-over-the-weekend-heres-why/
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