SAND at May levels after 100% gain- Here’s what could follow next

ambcrypto.com:

The Sandbox’s native cryptocurrency SAND has finally retested resistance after pushing back to May highs.

This is courtesy of the bullish performance in the last four weeks, during which SAND rallied by as much as 100% from its bottom in mid-June.

SAND has had multiple bounce-backs ever since its macro bearish trend started in November 2021. However, the latest uptick happens to be the biggest one.

This may not be surprising given that SAND was extremely oversold and was overdue for a bullish correction. The coin has already started experiencing some downward pressure near the 0.236 Fibonacci level.

Source: TradingView

SAND’s latest performance suggests- investors feel that the price is due for more recovery. This is within the realm of possibility if more funds continue flowing into the crypto space, especially if June turns out to be the bottom of the latest bear cycle.

One of the reasons behind SAND’s robust recovery since mid-June is that The Sandbox is at the top of the list of metaverse projects by market cap. This privilege means it can attract more investors quickly by virtue of its status.