SAND reaches a new all-time high at $7.1 SAND reaches a new all-time high at $7.1: we explain why

SAND hit a new all-time high above $7.1 today, despite the fact that the cryptocurrency market recorded losses for the second week in a row.

SAND, the native token of the sandbox ecosystem, raced to a new all-time high today, despite the fact that the broader cryptocurrency market recorded losses for the second week in a row. Bitcoin, Ether and the other leading cryptocurrencies are trading in the red at the time of writing.

However, SAND hit a new all-time high of $7.1 an hour ago after rising more than 31% in the last 24 hours. The rally will take place before the launch of the Metaverse alpha of The Sandbox on November 29.

The Sandbox Alpha is the platform’s play-to-earn for several weeks and is scheduled to launch in less than a week. The event will put The Sandbox in a unique position in the emerging Metaverse space and could lead to another rally in the cryptocurrency space.

The potential deal between The Sandbox and sporting goods giant Adidas is another reason why SAND is currently going through a rally. Adidas has talked about its adiVerse, and it is expected that The Sandbox will lead the company’s attack into the Metaverse space.

Important levels at a glance

The SAND/USD 4-hour chart is currently one of the most bullish on the market thanks to its recent rally. At the time of writing, SAND is trading at $ 7.1, an increase of more than 30% in the last 24 hours. The MACD line of SAND is well above the neutral zone, which indicates a bullish performance.

The RSI of 83 shows that SAND is currently overbought and the coin could rise higher in the coming days. If the current dynamics are maintained, SAND could climb above the psychological level of $ 8 in the next few hours. A longer rally of SAND or a rebound from the broader market would allow SAND to move towards the $8.5 level before the end of the day.

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