Sandbox (SAND) isn’t immune to broad market trends. Therefore, the altcoin fell sharply during the market slump. Moreover, the metaverse coin printed upticks when the marketplace recovered over the last few days. SAND countered the June 21 green candle on June 22, matching the overall market.
But Sandbox Boasted an Advantage
Unlike other projects in the sector, the metaverse network has been hosting an event in New York City. Analysts expected SAND to launch an upside move due to the many industry performer and leaders connected to the event.
Nevertheless, SAND’s individuality wasn’t enough to overpower the selling wave in the broad spectrum. As a result, the altcoin could not reclaim the $1 level. This area remains crucial for stable price growth and serves as a critical psychological mark for Sandbox investors. For now, the altcoin might not reclaim the zone, as high volatility isn’t in favor of upsurges.
The Bollinger Bands shows SAND staring at a brief decline since the indicator’s bias serves as resistance. That might cancel the 14.45 gain seen during the week. For now, Sandbox doesn’t need additional bearishness as faded metaverse demand has reduced growth and sales within the virtual world.
Decreased plots sale reflects decreased Metaverse enthusiasm. Moreover, these sales will likely reduce in the current month. Another thing verifying faded demand is Sandbox’s low LAND sales even after June saw the lowest average sales in over eight months. That led to the lowest sale (in a month) ($1.9 million) since October last year.
The metaverse industry had nothing to attract market players as the broad crypto market endured a downturn. Therefore, SAND’s failure to recover even after two opportunities confirms Sandbox and the market will take some time to recover.
The broad crypto space attempted upswings overnight. However, there’s nothing to suggest extended recoveries as bears dominate the spectrum. Bitcoin trades at $20,480.66, following a 1.38% surge within the past day.
The bellwether crypto lacks momentum to keep the $20K vicinity away. Also, the cumulative crypto assets value remained beneath $1T, hovering with a 1.88% 24hr surge at $907.45 billion. As stated, it might take longer before the market presents steady recoveries.
Editorial credit: Ira Lichi / shutterstock.com
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