SAND is one of the top performers among the 50 largest cryptocurrencies by market capitalization.
The crypto market is continuing a strong start to the week, with major coins and tokens currently trading in the green.
The total cryptocurrency market capitalization sits above $1.9 trillion at the time of publication, up almost 2% over the past 24 hours.
If this momentum holds, the total crypto market cap could soon surpass $2 trillion. Bitcoin remains the market leader by capitalization and is currently trading above $41,000 per coin.
SAND, the native token of The Sandbox ecosystem, is among the best performers within the top 50 coins by market cap. The token rose by more than 10% over the past 24 hours, outperforming many other major cryptocurrencies.
The Sandbox announced two significant partnerships a few hours ago, which are the primary catalysts behind SAND’s ongoing rally.
The Sandbox announced a collaboration 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 currently appears bullish as SAND recovers from its recent dip. Technical indicators suggest SAND is no longer in a downtrend.
MACD is positioned above the neutral zone, signaling positive momentum for The Sandbox. The 14-day Relative Strength Index (RSI) sits at 63, indicating SAND could enter overbought territory if bullish momentum continues.
At the time of writing, SAND is trading at $2.989 per token. If the rally continues, SAND could break the first major resistance level at $3.116 before the end of the day. With sustained bullish performance, SAND may trade above $3.50 for the second time this month.