Sandbox Price Prediction: SAND Breaks Key Resistance, Aiming for $1?

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Sandbox [SAND] recently broke the key resistance level of $0.62, forming a bullish triangular flag pattern on the daily chart, attracting widespread attention and optimism from traders. With the enhancement of market speculation and improvement in on-chain activity, SAND's next move is anticipated, with its price potentially rising further to test the psychological barrier of $1.

It has increased by 8.60% in the last 24 hours. The recent price trend has solidified $0.62 as an important support level, indicating inherent bullish sentiment in the market.

Next Target:

The current breakout provides SAND with further upside opportunity, with a short-term target of $0.75, while $1.00 marks a key psychological price level.

Support Level and Potential Pullback:

If SAND fails to maintain above $0.62, it may pull back to the support level of $0.43, especially during a bullish surge or consolidation.

Technical Indicators:

The RSI (Relative Strength Index) is currently at 49, in the neutral zone, but leaning bullish. The Bollinger Bands are narrowing, indicating that price volatility is being compressed, typically signaling a larger price movement is imminent.

On-Chain Data: Supporting Bullish Trend

Network Growth and Profitable Holders:

Net network has risen by 0.30%, indicating a stable user adoption rate. Among holders, 0.83% are currently in a profitable state, reflecting the confidence of SAND holders.

Large Transactions and Institutional Interest:

Large transaction volumes surged by 10.96%, indicating increased activity from institutional traders. The concentration of large holders has slightly decreased by 0.04%, but profit-taking activity remains limited.

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