The Sandbox is no exception when it comes to the broader market trend. So when the market crashed, SAND also fell sharply. Likewise, while the market has recovered in recent days, the metaverse token has also made gains.

In fact, even on June 22, unlike the June 21 green candles, SAND is in line with the rest of the market.

But The Sandbox had an advantage

Unlike other tokens in the space, the metaverse platform has hosted its own event in New York City. With multiple industry leaders and artists associated with this event, Sandbox was expected to start a rally for its own token.

However, the individuality of SAND was not enough to go against the market. Consequently, it was halted in its attempt to reclaim the $1 mark.

The Sandbox price promotion | Source: TradingView – AMBCrypto

This level is not only crucial for continued growth, but also acts as a very important psychological level for its investors. And it looks like there’s a chance it won’t make it, as the high volatility doesn’t favor a rise.

According to the Bollinger Bands (BB), SAND is looking at a slight decline or consolidation as the indicator’s bias still acts as a resistance.

This could invalidate the 14.45% slope observed over the course of the week.

At this point, The Sandbox doesn’t need any more bearishness, as the lack of demand for the metaverse has already reduced the sales and growth of the virtual world.

Despite selling more than 3,500 lots of LAND this month, The Sandbox sold just 1,288 lots. In addition, with the end of the month, this figure is not expected to exceed last month’s sales.

Sandbox land plot sale | Source: Dune – AMBCrypto

Secondly, the lack of demand is confirmed by the fact that the low sales of the LAND plots were recorded despite the fact that in the month of June the average price of these plots was the lowest in more than eight months. This resulted in the lowest monthly sales ($1.9 million) since October 2021.

Sales volume sandbox | Source: Dune – AMBCrypto

But because the crypto market didn’t seem very lucrative, the metaverse market was unable to attract investors. So The Sandbox’s failure in its pursuit of growth, even after being given two chances, shows that the market and SAND will take some time to recover.



This post Assess if The Sandbox’s NYC Event Can Bring SAND to $1

was published first on https://ambcrypto.com/assessing-if-the-sandboxs-nyc-event-can-bring-sand-to-1/

Author

Write A Comment