SAND price analysis: SAND nears $4 resistance

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SAND price analysis for February 4 brings a bullish analysis for The Sandbox. However, the token has been up by nearly 5% in the last 24 hours. The price of the token at the time of writing is about $3.81. The popularity of SAND has surged in recent days as metaverse platform The Sandbox partnered with Warner Music Group or WMG.

The data from CoinMarketCap shows that the trading volume of the token declined by over 15.53% in the last 24 hours, followed by a 3.39% rise in the market cap of the token. It is also important to note that the current vol/market cap ratio for SAND is 0.1919. A deeper analysis shows that the price of SAND started the day at a price of $3.6 and reached a daily high of $3.8. But, due to a drop in volume, the token fell to the daily low at $3.6. 

The current value of the SAND token, as per our SAND price analysis, is 55.80% low from its all-time high witnessed on November 25, 2021. It is also to be noted that The Sandbox platform recently launched the alpha version that attracted a lot of new users to the platform.

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SAND price analysis on the daily chart

Our SAND price analysis on the daily chart can be concluded on a bullish note as the indicators seem very promising for SAND. The RSI line now aims to break into the bullish zone, above the 50 mark. If successful, we might see SAND break above $4.

SAND price analysis

Source: TradingView

The Accumulation/Distribution line on the chart below shows an increased accumulation of the SAND token. However, the previous levels haven’t been broken. Overall, SAND needs increased trading volume.

SAND price analysis

Source: TradingView

Conclusion

On November 2, 2021, SAND breached $3 and secured a huge investment. Furthermore, the firm that acquired The Sandbox, Animoca Brands, raised $358.8M in new funding round in January. Overall, our SAND price analysis ends on a bullish note for the token, which has occupied the 38th position in the crypto market.  

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