SAND rallies by more than 70% in 24 hours. Here is why

SAND is one of the top performers in the market at the moment and reached a new all-time high a few hours ago.

SAND token reached a new all-time high of $3.33 a few hours ago, rising by more than 70% in the process. By adding 70% to its value within the space of 24 hours, SAND became one of the top performers in the cryptocurrency space since the start of the month.

The rally was caused by The Sandbox raising $93 million from investors to expand its nonfungible token (NFT) metaverse. The investment round was led by SoftBank’s Vision Fund 2 and other investors such as Animoca Brands, SCB 10X, Polygon Studios, True Global Ventures, Galaxy Interactive and Samsung Next.

The Sandbox said it intends to create an open metaverse, allowing it to compete against some of the leading tech companies like Facebook who are entering the metaverse space.

Key levels to watch

The SAND/USD 4-hour chart is currently bullish, thanks to the token’s excellent performance over the past few months. The MACD line is currently deep into the bullish zone, while the RSI of 75 shows that the token is overbought at the moment.

At the time of writing, SAND is trading at $2.73 per coin, up by 64% over the past 24 hours. Thus, making it one of the top-performing coins in the market.

What to look out for next

With SAND currently rallying at the moment, the token’s price could experience a further increase in price over the coming hours. If SAND maintains its current momentum, it could rally towards its all-time high of $3.33 again over the coming hours.

A rally towards the $3.33 level could allow it to make a move towards a new all-time high around the $4. However, SAND’s rally towards the $4 level would depend on whether the recent attention around the NFT and metaverse sectors continue for a while.