The crypto market began the last week of 2023 with a decline, with significant pullbacks in many altcoins, including Bitcoin (BTC). Despite this, notable divergences are observed in the altcoin market. On a day when some altcoins fell by double digits, leading metaverse altcoins like The Sandbox (SAND) and Axie Infinity (AXS) managed to break away from the overall market downturn and posted double-digit gains.
Metaverse Altcoins Ascend Despite Bitcoin’s Struggles
Data shows that metaverse altcoins are almost uniformly moving upwards. According to the crypto data and price platform CoinMarketCap, Axie Infinity’s native asset AXS, the fourth largest in the metaverse altcoin market, surged by 37.48% in the last 24 hours, reaching up to $11. Following closely behind, The Sandbox’s SAND, ranked fifth, also demonstrated strength among altcoins, rising by 14.12% to $0.6115 despite Bitcoin’s performance.
Another metaverse altcoin showing strength alongside SAND and AXS is Decentraland (MANA). MANA, the eighth largest member of the metaverse altcoin market, saw an increase of over 10% in the last 24 hours, reaching $0.57.
Analyst Sees Bright Future for SAND After Breaking Falling Wedge Formation
According to the experienced crypto analyst Yoddha, especially if SAND can maintain its momentum, it could make a significant rally towards the highest levels seen since the end of 2021. The analyst’s expectation for this rise is based on the fact that the metaverse altcoin has broken an important bullish formation, the Falling Wedge Formation, on the weekly timeframe.
Yoddha points to a first potential target level for SAND at $2.04, which corresponds to a 437% increase from current prices. Furthermore, Yoddha provided a second target level for SAND, pointing to $7.98, a level not seen since the end of 2021. This target level corresponds to a 1572% increase from current prices. The analyst’s second target level is particularly noteworthy as it suggests SAND could approach its all-time high of $8.44, reached on November 25, 2021.
