SAND is one of the top performers among the 50 largest cryptocurrencies by market capitalization.
The crypto market continues a strong start to the week, with major coins and tokens trading in positive territory.
The total cryptocurrency market capitalization exceeds $1.9 trillion at the time of writing, rising by nearly 2% over the past 24 hours.
If momentum holds, the total market cap could soon surpass the $2 trillion mark. Bitcoin remains the largest coin by market capitalization and is currently trading above $41,000 per coin.
SAND, the native token of The Sandbox ecosystem, is one of the best-performing assets among the top 50 cryptocurrencies by market cap. The token has gained more than 10% in value over the past 24 hours, outperforming many major cryptocurrencies.
The Sandbox announced two major partnerships a few hours ago, which are the primary catalysts behind SAND’s ongoing rally.
The Sandbox announced it had partnered with Apex Athletes to bring Shaun White, Nathan Chen, Chloe Kim, Lindsey Vonn and Ayumu Hirano into The Sandbox metaverse.
The team also revealed a partnership with Knotfest and Slipknot to create the Knotverse.
Key levels to watch
The SAND/USD 4-hour chart is currently bullish as SAND recovers from its recent decline. Technical indicators suggest SAND is no longer in a downtrend.
The MACD line sits above the neutral zone, signaling positive momentum for The Sandbox. The 14-day Relative Strength Index (RSI) at 63 indicates SAND could enter overbought territory soon if the bullish momentum continues.
At the time of publication, SAND is trading at $2.989 per token. If the rally persists, SAND could break the first major resistance level at $3.116 before the end of the day. With sustained upside performance, SAND may trade above $3.50 for the second time this month.