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The cryptocurrency sector is experiencing positive momentum as of Thursday, March 7, 2024, with some projects showing signs of a rising trajectory. The market conditions priced in dollars do not seem to be slowing down in March either. Investors continue to seek answers to one of the most frequently asked questions during bull markets: Is it too late to get into the crypto market? Analyst Ali Martinez points out that this is not the case and draws attention to the past bull market star, The Sandbox (SAND).
Analyst’s Comments on SAND
According to Martinez, the crypto industry is still far from reaching its full potential. In a post on X (formerly known as Twitter), the popular user emphasized that SAND has not yet surpassed the 78.6 Fibonacci level, which traders believe could signal a change in price direction.
When people say it’s too late to get into the crypto market… They claim a peak is near! Bruf, SAND hasn’t even passed the 78.6 Fib level yet. This is the biggest metaverse altcoin in the sector!
The 78.6 level is thought to be particularly emphasized because it indicates a deep retracement level. SAND has experienced a significant pullback from its past peak and is currently in an effort to recover.
The 78.6% level mentioned by Martinez continues to be a barrier that may need to be overcome for the token price to start rising.
Martinez’s statement comes right after an increase in interest in the metaverse platform’s native token and the establishment of new partnerships with projects like Gucci, Magnificent Century.
Gucci’s purchase of digital real estate on Sandbox (SAND) is seen as a market signal confirming the value of Sandbox and its notable role in the metaverse space.
The growing interest in virtual worlds and blockchain-supported games suggests that such moves could herald further price increases in the future.
SAND Price Outlook
Data emerging on March 7, 2024, appears to be in line with Ali Martinez’s hypothetical view. As of the time of writing, SAND has returned to the $0.7 level after a long period. This price indicates a 2.92% increase over the last 24 hours.
The metaverse token has seen a value increase of 18.40% over the last 7 days and 60.79% over the last month, demonstrating that today’s rise is not just a matter of chance.
