The Sandbox (SAND) surged 100%, leading GameFi and Metaverse sectors, with MANA up 67% and AXS up 42% in the past week.
Over the past two days, the price of The Sandbox (SAND) has increased by approximately one hundred percent, indicating that the GameFi and Metaverse sectors have assumed control of the next leg of the cryptocurrency market rise.
Over the course of the previous week, in addition to SAND, other market participants such as Decentraland (MANA), Gala (GALA), and Axie Infinity (AXS) have also demonstrated significant monetary growth.
The Sandbox (SAND) Price Revives GameFi, Metaverse Sectors
The Metaverse platform known as the Sandbox has seen significant network activity, with the price of its native token, SAND, increasing by more than one hundred percent over the past few days.
Because of this, it was able to outperform other leading alternative cryptocurrencies, such as XRP and Cardano. On top of that, on-chain data indicate that the price surge for SAND has the potential to continue even farther. According to the data provided by CryptoQuant, the number of daily transactions concerning SAND has increased to 11,597, which is the highest it has been in the past seven days.
A rise in the number of transactions using SAND indicates that investors are optimistic about the asset’s recent ascent, which in turn indicates that there is a stronger level of demand and involvement.
Additionally, there has been an increase in the number of withdrawal transactions from the exchange, which is a sign that positive momentum is on the horizon. As a result, it is clear that investors with a long-term perspective are removing SAND from the exchanges, which is a sign of growing confidence in the asset.
The technical chart shows that the price of SAND has broken out of the downward-trending pattern, with $1.40 as the next target. Therefore, investors are anticipating a further 75–80 percent gain in the near future.
Additionally, additional GameFi and Metaverse tokens, such as Decentraland (MANA), Gala (GALA), and Axie Infinity (AXS), have also joined the party, gaining between 25 and 50 percent over the course of the past week. This is in addition to the price rally of The Sandbox (SAND).
According to the weekly chart, the price of MANA has increased by more than 67%, and it is presently trading at $0.70. Additionally, its market cap has surpassed $1.3 billion right now. Keeping momentum over the $0.70 resistance level could help bulls take MANA to $1.30, another 100% gain.
On the weekly chart, the price of Axie Infinity (AXS) has surged by 42 percent, currently trading at $8.13 levels. A further point to consider is that the daily trading volume for AXS has increased by 28%, surpassing the $1.02 billion mark. Sky Mavis, a Vietnamese company, developed Axie Infinity, a blockchain-based game.
The game has a “play-to-earn” paradigm, which allows users to earn bitcoin through gameplay. After forming a double bottom, the price of AXS has recovered and is now trading upward. In accordance with the technical chart, the upcoming targets for AXS may be as follows: $28, $45, and $69.