Is the Sandbox about to explode? SAND targets $1!

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Sandbox (SAND) broke through the key resistance level of $0.62, triggering optimism in the market. The bullish triangular flag pattern formed on the daily chart lays the foundation for the next round of increases. The current price is $0.6308, up 8.60% in the last 24 hours.

Price Analysis and Future Potential

The breakout of SAND has attracted buying interest, with a short-term target pointing to $0.75, while $1 is a psychological barrier. However, if the upward momentum weakens, a pullback may test the support level at $0.43.

On-chain data supports the bullish trend

The network growth rate increased by 0.30%, indicating a steady rise in adoption.

Large transaction volume increased by 10.96%, suggesting active institutional traders.

Exchange reserves decreased by 1.51%, easing selling pressure and creating room for price increases.

Signals from technical indicators

RSI is close to neutral but leans bullish, and the narrowing Bollinger Bands suggest a potential breakout. If SAND stabilizes above $0.62, it may trigger further increases. Conversely, falling below this level could lead to temporary consolidation.

Whether SAND can reach $1 depends on the ability to break through resistance levels and maintain market sentiment. The next few days will be a critical observation period!

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