SAND, the native token of The Sandbox, continued to grow yesterday, building on its month-long gains in order to top a new ATH.
The price of SAND reached $5.64 during the day, but it suffered a small correction and is trading at $5.41 currently. As a result, the token’s year-to-date gain has reached a percentage of 14,700%, while the month-to-date gain has reached 260%. Its market cap now sits at more than $5 billion. This makes it the 41st-largest crypto token.
The price rally of SAND is a result of several factors, such as the fact that Sandbox confirmed that, as part of its metaverse, a multi-week play-to-earn Alpha event that will begin Monday, November 29th at 1:pm UTC.
As part of its statement, the blockchain startup revealed that it would select 5,000 random players that could earn up to 1,000 SAND ($5,540), alongside 3 NFTs for taking part in all 18 Sandbox’s virtual experiences.
On top of that, people are also anticipating the start of the collaboration between the Sandbox and Adidas, the sports merchandise giant. As a result, many have turned their attention to SAND spot markets, helping it gain more than 40% against Bitcoin and 37% against the US dollar in the previous 24 hours.
Still, as great as all of these concrete fundamentals are, some are worrying that SAND is actually heading towards a bull trap, as a result of the fact that its price trend is indicating real deviation from its relative strength index.
Looking at all indications, and even more so, noticing how SAND has formed a bullish divergence since this month began, it can be seen as an obvious sign that the momentum in the move to the upside has actually started to slow down.