SAND price analysis: Metaverse outperforms market, SAND up 7%

SAND price analysis comes with a bullish analysis for investors for Feb 9, 2022, while the majority of altcoins in the market remain bearish. It seems that the metaverse tokens are outperforming the majority of altcoins and even the top two cryptocurrencies in the market, Bitcoin and Ethereum, as seen in our Bitcoin price analysis and Ethereum price analysis for Fen 9, 2022.

SAND currently occupies the 33rd position in the crypto market, and at the time of writing, the token’s prices are up by nearly 6.36% in the last 24 hours. The Sandbox has seen an incredible performance in the recent period, especially after the launch of The Sandbox Alpha in the month of November. 

The data from CoinMarketCap shows that the trading volume of the token surged 3.10% in the last 24 hours, followed by a 7.14% surge in the market cap. Moreover, the Volume / Market Cap Ratio for SAND rests at 0.2541, followed by a Market Dominance of 0.24%. The SAND token is currently 43.31% low from the all-time high witnessed on Nov 25, 2021. 

The Sandbox has been leading the bullish movement in the market, as seen in our SAND price analysis for Feb 6, 2022. The gaming platform had also recently partnered with Warner Music Group, or WMG.

SAND price analysis on the daily chart

The SAND price analysis on the chart below shows that the token has reclaimed the 50-day and 100-day Moving Averages. If prices hold above this region, we might see SAND continue the uptrend.

Source: TradingView

The price of SAND might break out from the upper end of the Bollinger Bands which would mean that higher prices are definitely possible.

Source: TradingView

Conclusion

SAND price analysis on the daily chart for Feb 9 can be concluded on a bullish note. Despite the market being sluggish, The Sandbox has performed quite well, rising by more than 20% in the last 7 days, suggesting that traders can expect new ATH in 2022.