The Sandbox, a prominent virtual world platform, is attracting significant interest from big investors and institutions due to a bullish price pattern detectable on its daily chart.
The current market sentiment is notably bullish, potentially propelling SAND to substantial gains in the near future.
The positive outlook for SAND is being underpinned by strong price movement, increased attention from traders and investors, and an overall optimistic market environment post Donald Trump’s win in the U.S. presidential election.
SAND — crucial price levels
As per the technical analysis from CryptoCrypto, SAND has broken out of a parallel channel pattern and is currently encountering resistance around the 200 Exponential Moving Average (EMA) on the daily timeframe.
With recent price movements and historical momentum in mind, a scenario where SAND closes above $0.315 on a daily candle could potentially lead to a 30% surge, targeting the $0.415 level in upcoming days.
Presently, SAND is trading below the 200 EMA on the daily chart, signaling an uptrend.
However, the Relative Strength Index (RSI) indicates a probable price correction due to overbought conditions, though this might not materialize given the prevailing market sentiment.
SAND’s bullish assertion will hold as long as it remains above the $0.288 level, failing which could weaken its position.
Involvement of Whales and Increasing Open Interest
On-chain data provides additional backing to SAND’s optimistic prospects. Coinglass, an on-chain analytics firm, reports a 5.6% surge in SAND’s Open Interest over the past 24 hours and 2.4% in the last four hours as of the current moment.
This rise in Open Interest reflects growing interest from traders following the breakout from a channel pattern.
Investors and whales are evidently active as well, with large transaction volumes in SAND spiking by 248.5% in the previous day, as highlighted by IntoTheBlock, an on-chain analytics company.
Notably, key liquidation thresholds stand at $0.2911 on the downside and $0.3246 on the upside currently, with traders exhibiting high leverage at these levels, according to Coinglass data.
Present Price Momentum
As of now, SAND is trading close to $0.301m after recording a price surge of more than 3.10% in the last 24 hours.
Concurrently, the trading volume has seen a 21% uptick during the same timeframe, indicating increased participation from traders and retail investors amid the prevailing bullish sentiment.