The GameFi and Metaverse sectors, the main drivers of the next rally in the crypto market, have seen Sandbox (SAND) price increase almost 100% in the last two days. Besides SAND, other market participants like Decentraland (MANA), Gala (GALA), and Axie Infinity (AXS) have also dramatically lifted their prices over the last week.
SAND Price Soars the Sandbox Leads Metaverse Rally
Metaverse platform The Sandbox has made significant strides in network activity, with its native token SAND price shooting up more than 100% over the last few days. Consequently, it performed better than the top altcoins such as XRP and Cardano.
Moreover, the data from the blockchain mainly points out that the SAND price can continue climbing higher. According to CryptoQuant data, the daily count of transactions for SAND has shot up to 11,597, which means it reached its maximum level in the last seven days.
The dramatic rise in the number of transactions recorded by SAND shows that investors are now very positive about the asset and its recent surge, thus indicating higher demand and participation. Besides, the rise in withdrawal transactions has become another indication of a bullish trend in the market. It depicts that the long-term holders are moving out of the exchanges with SAND, thus reflecting their faith in the asset.
The SAND price has soared from the down-trend channel on the chart’s technical drawing and is heading towards the next target of $1.40. So, investors are looking for another 75-80% rally.
GameFi Tokens MANA, AXS, and GALA Surge
Besides The Sandbox (SAND) is performing well, GameFi and Metaverse tokens like Decentraland (MANA), Gala (GALA), and Axie Infinity (AXS) have also hugely supported the rally, acquiring 25-50% so far this week. The strongest 67% increase week-on-week has seen the MANA price trade at $0.7,0, and its market capitalization is $3 billion. With support breaking above $0.70, resistance MANA might experience a 100% gain and touch $1.30.
On the other hand, the Axie Infinity (AXS) price increased by up to 42% on the weekly chart and is now at $8.13. Meanwhile, AXS has also registered a 28% increase in daily transactions over this period, exceeding $1.02 billion.
Axie Infinity, the game made by a Vietnam-based company called Sky Mavis, can use blockchain to play a “play-to-earn” model where players earn cryptocurrency via gameplay. The AXS price has made a recovery with the double-bottom pattern. P From the technical chart perspective, the next possible targets for AXS could be $28, $45, and $69.
Final Thoughts
The Sandbox (SAND) and other GameFi and Metaverse tokens like Decentraland (MANA), Gala (GALA), and Axie Infinity (AXS) have experienced considerable price booms. Thus, this is a positive trend for the sector. As the virtual worlds and blockchain-powered gaming areas gain mass adoption, investors are paying more attention to these tokens. SAND’s fabulous 100% gain pulls the trigger of confidence in the Metaverse due to insignificant increases in transaction and withdrawal activities, reflecting long-term asset assurance.
In the same vein, coins such as MANA and AXS are also experiencing the benefits of this overall market rally, implying that GameFi and Metaverse platforms have further growth potential. For investors, these tendencies could mean promising occurrences; however, thorough scrutiny of market volatility and technical factors should be exercised for continued success.
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