As of Thursday, March 7, 2024, the cryptocurrency sector is still gaining momentum, and with a number of cent currencies set to reach the ‘priced in dollars’ zone in March, the market doesn’t seem to be slowing down.
Of course, this begs the question – is it too late to join in on the fun and enter the crypto market? Technical and on-chain analyst Ali Martinez doesn’t seem to think so, drawing attention to The Sandbox (SAND), a metaverse token he argues is the biggest altcoin in the industry right now.
The Sandbox price chart
According to Martinez, the crypto industry still has some untapped potential. In his post on X (formerly Twitter), the popular user points out that SAND has yet to rise above the 78.6 Fibonacci level, a spot where traders think prices might change direction.
“When people say it’s too late to enter the crypto market… They claim a top is coming! Bruf, SAND hasn’t even gotten back above the 78.6 Fib. This is the biggest metaverse altcoin in the industry!”
The 78.6% level is particularly important because it represents a deep retracement, SAND has experienced a significant pullback from its peak, and it is in the process of trying to recover. The 78.6% level which Martinez highlights acts as a barrier that the token needs to overcome to show that it’s gaining back its previous upward momentum.
Such potential comes on the heels of renewed interest in the metaverse platform’s native token and new partnerships with the likes of Gucci and other luxury brands. Gucci’s acquisition of digital real estate is a positive market signal, underscoring an endorsement of The Sandbox’s intrinsic value and its role in the metaverse domain. This move could presage further appreciation in value, as the interest in virtual realms and blockchain-powered gaming intensifies.
SAND price analysis
The most recent data acquired on March 7, 2024, appears to be in line with Ali’s assumptions. As of publication, SAND was changing hands at the price of $0.691. Just for comparison, this is an increase of 2.92%over the past 24 hours.
This growth spur is not an isolated incident, as the metaverse token has been showing a bullish trend over the past 7 days as well as the past month, with an increase in value of 18.40% and 60.79%, respectively.
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