The crypto market began the final week of 2023 on a downward trend, with significant pullbacks in Bitcoin and various altcoins. Despite the overall decline, notable divergences were observed within the altcoin market. On a day when some altcoins saw double-digit drops, leading metaverse tokens like The Sandbox (SAND) and Axie Infinity (AXS) managed to buck the trend, achieving double-digit gains.
Market data indicates that metaverse altcoins, almost as a whole, started an upward trajectory. According to CoinMarketCap, Axie Infinity’s native asset AXS surged by 37.48% in the last 24 hours, reaching $11. Following closely, The Sandbox’s SAND also demonstrated resilience against Bitcoin’s downturn, rising by 14.12% to $0.6115.
Another metaverse altcoin that showed strength was Decentraland (MANA), the eighth largest in the metaverse altcoin market. MANA saw an increase of over 10% in the last 24 hours, hitting $0.57.
Experienced crypto analyst Yoddha suggests that SAND, in particular, could experience a significant rally to the highest levels seen since the end of 2021 if it maintains its momentum. This prediction is based on SAND breaking through a key bullish pattern known as the Falling Wedge Formation on the weekly chart.
Yoddha points to a potential target level for SAND at $2.04, which would represent a 437% increase from current prices. Moreover, the analyst provided a second target level for SAND at $7.98, which would correspond to an increase of 1572% from current prices, nearly approaching its all-time high of $8.44 reached on November 25, 2021.
The analysis is particularly intriguing as it suggests SAND could approach its all-time high, a level not seen since late 2021, marking a significant milestone for the altcoin should the predictions materialize.