The GameFi and Metaverse sectors are responsible for the next rally in the crypto market, with the price of Sandbox (SAND) increasing by almost 100% over the past two days. Apart from SAND, other market players such as Decentraland (MANA), GALA (GALA) and Axie Infinity (AXS) have also seen significant gains over the past week.
Sandbox (SAND) Prices GameFi Returns Metaverse Sector
Metaverse platform Sandbox has recorded strong network activity with its native token SAND price increasing by more than 100% over the past few days. As a result, it was able to outperform other top altcoins such as XRP and Cardano.
Moreover, on-chain indicators indicate that the SAND price increase may continue further. According to data from CryptoQuant, the number of daily transactions on SAND surged to 11,597, the highest in the past seven days.
Provided by: CryptoQuant
The surge in the number of SAND trades indicates that investors are bullish on the asset's recent surge, thereby indicating increased demand and participation. Furthermore, foreign exchange withdrawal transactions have also increased sharply, suggesting bullish momentum ahead. This shows that long-term investors are moving SAND off exchanges, suggesting increased confidence in the asset.
On the technical chart, SAND price has broken out from a downtrend pattern towards the next target at $1.40. Therefore, investors are expecting another 75-80% increase going forward.
$ sandwich Breakout, ready for the next step up 🚀#altseason pic.twitter.com/YVxrQtXl70
— Wall Street Queen (@wsqofficial) November 24, 2024
MANA, GALA, AXS join the party
Apart from the price increase in The Sandbox (SAND), other GameFi and Metaverse tokens such as Decentraland (MANA), Gala (GALA), and Axie Infinity (AXS) have also joined the party, gaining 25-50% over the past week I did.
Up over 67% on the weekly chart, MANA price is currently trading at $0.70, with a market cap of over $1.3 billion. If the bulls manage to sustain above the resistance at $0.70, it could take MANA to $1.30, with another 100% upside potential.
$MANA Army, are you ready for a comeback?!📈🚀 pic.twitter.com/DCFSCKLXX4
— Solberg Invest (@SolbergInvest) November 24, 2024
Similarly, Axie Infinity (AXS) price has increased by 42% on weekly chart and is currently trading at $8.13 level. Additionally, AXS's daily trading volume surged 28% to over $1.02 billion.
Developed by Vietnam-based Sky Mavis, Axie Infinity is a blockchain-based game that uses a “play-to-earn” model, allowing players to earn cryptocurrencies through gameplay. AXS price rebounded after forming a double bottom. According to the technical chart, the next targets for AXS could be $28, $45, and $69.
$axs It may form a double bottom structure. these are my goals $axs coin pic.twitter.com/x36t11TNXk
— Vinci | Deke (@Vince26king) November 24, 2024
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Bhushan Akolkar
Bhushan is a FinTech enthusiast with a deep understanding of financial markets. His interest in economics and finance led him to focus on the emerging blockchain technology and cryptocurrency market. He is passionate about continuous learning and stays motivated by sharing the knowledge he gains. In his free time, Bhushan enjoys reading thriller fiction novels and sometimes hones his cooking skills.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
