Continuation of ETH’s Increase Above 80%
Sandbox is one of the biggest games in the GameFi space. Its native token SAND is now netting off the whale ETH as the altcoin rally continues into its third week. According to CoinGecko, the mark is up 76% in the last two weeks.
ETH whales are adding fuel to this fire, collecting SAND and including crypto in the top 10 tokens bought in the last 24 hours. With the recent release of Game Maker 0.8, it is expected that the Sandbox environment will continue to be a player in the GameFi space.
Additional Support from ETH Whales
Whaling fears boosted SAND prices well in the broader market. Looking at the charts, the indicator is up almost 80% in the last two weeks. This allows the indicator to test the price resistance level of $0.7540. In addition to the purchase of whales, the release of Game Maker 0.8 certainly has an effect on the token. According to the average position of the development team, this upgrade has brought features that have been requested by the community in the past.
The introduction of new multiplayer games, new lighting and post processing effects, and the addition of audio and video to the platform will bring more attention to the platform and the GameFi space. With the gaming industry seeing the power of Web3 development, platforms like The Sandbox will continue to rise in popularity.
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Does SAND Rest on Solid Ground?
At the time of writing, the indicator is changing hands at $0.7044. With important support at $0.5015, this may be enough for the SAND to support the higher highs and lower lows. ETH whales should be careful, however, as a break below the $0.6327 support will delay a possible break above $0.7540. The current strength of Bitcoin is shown by indicators in the short and medium term.
This means that if BTC – the world’s largest cryptocurrency in terms of market capitalization – continues its necessary rise to break the resistance of $ 21,500, SAND will see a profit of more than $ 0.8626 which will erase the losses that occurred when the FTX crypto exchange failed. An explosion like this will spark a big party.
However, if the session meets resistance, investors and traders should support above $0.6327 to support an upward movement in the days and weeks ahead. The improving economic conditions should also help the SAND price reach important support levels. With prices seemingly falling, SAND assets will benefit from a stronger connection to Bitcoin and Ethereum.