The Sandbox (SAND) Breaks Out on News of Elvis Going Metaverse

Key Insights:

• This week, news hit the wires of the King of Rock and Roll, Elvis Presley, entering the Sandbox (SAND).
• The Sandbox plans to use Elvis avatars, allowing fans to turn into Elvis in the metaverse.
• Technical indicators are bullish, with SAND sitting above the 100-day.

On Wednesday, The Sandbox (SAND) rallied by 6.11%, supported by Elvis Presley news. Following a 1.55% gain on Tuesday, SAND ended the day at $1.39.

While the broader market found modest support, the popularity of the King of Rock and Roll was evident mid-week.

News of ‘The King’ entering The Sandbox delivered a breakout session.

The King of Rock, Elvis Presley, Enters the Sandbox

Overnight, The Sandbox announced Elvis Presley’s arrival in The Sandbox. Turning to Twitter, the announcement said,

“Ladies and gentlemen… @elvispresley has left the building and entered #TheSandbox!”

🎙️ Ladies and gentlemen…@elvispresley has left the building and entered #TheSandbox! pic.twitter.com/5Ks7sws7k2

— The Sandbox (@TheSandboxGame) May 25, 2022

On Wednesday, Web3 studio Run It Wild and Elvis Presley Enterprises announced new partners for the King’s multi-metaverse NFT project, Elvis-On-Chain.

Readying for the June 1 genesis launch, the new partners include The Sandbox, Decentraland (MANA), Dappraft, Metakey, and Voxel Architects.

According to NFT Culture,

“The next phase of Elvis-On-Chain is a digital key that will give fans an all-access pass to the Elvis metaverse, play-to-earn games, Elvis avatars, exclusive wearables, and iconic collections procured by the community wallet.”

Marc Rosen, President, Entertainment at Authentic Brands Group (ABG), owner of Elvis Presley Enterprises and Iconoverse, said,

“Elvis-On-Chain expands the opportunities for fans to come together in new ways. In a huge commemorative year for Elvis with the launch of Warner Bros. Pictures’ epic big screen drama, ELVIS, from filmmaker Baz Luhrmann, catapulting his legacy into the future.”

NFT Culture went on to say,

“The Sandbox plans to create Elvis avatars for use in their native game, enabling users to turn into Elvis Presley while also building an immersive and gamified world of Elvis in the metaverse.”

Voxel Architects will lead The Sandbox project to ensure that the “Elvis avatars are hand-crafted in meticulous detail.”

Sebastien Borget, COO and co-founder of The Sandbox, said,

“Elvis Presley is one of the most iconic singers and performers of all time and this partnership will extend his legacy into the metaverse.”

At 7pm UCT, The Sandbox will announce all the details. Fans can tune in via the link provided on Twitter.

🎙️ Join us as we speak to the team behind the King entering the #metaverse! 🕺 @borgetsebastien @runitwild @katietholo @elvisonchain @elvispresley @cryptosarebearhttps://t.co/CrlI52fMin pic.twitter.com/GgpbwimoQy

— The Sandbox (@TheSandboxGame) May 25, 2022

The Sandbox (SAND) Price Action

At the time of writing, SAND was up 6.92% to $1.4830.

A bullish morning saw SAND break through the First Major Resistance Level at $1.4600 to strike a day high of $1.4900 before easing back.

Technical Indicators

SAND will need to avoid First Major Resistance Level and the $1.35 pivot to target the Second Major Resistance Level at $1.54.

SAND would need broader crypto market support to hit $1.50 levels.

An extended rally would test resistance at $1.60 before any pullback. The Third Major Resistance Level sits at $1.73.

A fall through the First Major Resistance Level and the pivot would bring the First Major Support Level at $1.27 into play. Barring another extended sell-off, SAND should avoid sub-$1.25. The Second Major Support Level sits at $1.16.

Looking at the EMAs and the 4-hourly candlestick chart (above), it is a bullish signal. SAND sits above the 100-day EMA, currently at $1.46. This morning, the 50-day EMA narrowed to the 100-day EMA, providing support. The 100-day EMA closed in on the 200-day EMA; SAND price positive.

A hold above the 100-day EMA would support a run at $1.60 and the 200-day EMA, currently at $1.78.