SAND price analysis on the daily chart for Feb 7, 2022, suggests that the metaverse and gaming token aims to break into the $5 price level. Moreover, the token went up by nearly 6%, as per our SAND price analysis for Feb 6, 2022. It seems that the month of February is definitely bullish for the token.
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The Sandbox is also increasingly expanding as recently, the platform made a deal with Warner Music Group or WMG. Moreover, a business consulting firm, PwC Hong Kong, had recently bought LAND in The Sandbox. It is also to be noted that the floor price of LAND in The Sandbox is nearly $3.89, as per data from OpenSea.
The data from CoinMarketCap shows that the trading volume for SAND dropped 15.64% in the last 24 hours, followed by a 2.56% rise in the market cap in the same duration. The Volume / Market Cap Ratio stands at 0.2807, followed by a 2% price surge in the last 24 hours.
Moreover, the number of firms jumping on the metaverse bandwagon has surged by huge levels. Recently, Nike, one of the world’s biggest sportswear companies, announced the acquisition of RTFKT, a digital sneakers and collectibles brand.
SAND price analysis on the daily chart
Our SAND price analysis for Feb 7, 2022, comes with a slightly bullish analysis for the token. As seen in the A/D line chart below, SAND accumulation is steadily gaining ground.
The MACD indicator witnessed a bullish divergence, as seen in the daily chart below. This means that higher prices are possible, and bulls are in charge of the market movement.
Conclusion
SAND price analysis can be concluded on a bullish note for today as well as the long term. The bulls are now aiming for the $5 resistance, and if trading volume surges, we might see SAND break above $5. Moreover, the launch of The Sandbox Alpha might nudge the decisions of investors in a bullish direction.
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