SAND open interest has spiked 5.6% in the past 24 hours after a strong uptrend emerged.
The key liquidation levels are currently at $0.255 and $0.27, with investors using excessive leverage at these points.
The entire cryptocurrency market is experiencing a remarkable recovery.
Against this backdrop, virtual gaming platform The Sandbox [SAND] has broken out of a strong bullish pattern, shifting sentiment from bearish to bullish.
SAND Technical Analysis and Key Levels
According to TinTucBitcoin's technical analysis, SAND is showing bullish sentiment at the time of writing as it has broken out of a double bottom price pattern. The breakout is confirmed by the daily candle closing above the neckline.
Source: TradingView
Based on the recent price action, if SAND closes a daily candle above $0.264, there is a high chance that the price could surge 15% to reach $0.305 in the coming days.
SAND's Relative Strength Index (RSI) is standing at 52.30, suggesting a potential upside move ahead.
Despite the positive outlook, the 200 Exponential Moving Average (EMA) shows a bearish bias. When an asset trades below the 200 EMA, investors often consider it a bearish signal.
SAND's bullish Blockchain index
SANDâs bullish outlook is further reinforced by blockchain metrics. According to blockchain analytics firm Coinglass, SANDâs Long/Short Ratio was 1.03 at the time of writing, indicating bullish market sentiment.
Source: Coinglass
Additionally, Futures Open Interest jumped 5.6% in the last 24 hours and 3.91% in the last four hours.
This shows increased trader interest in the SAND Token after breaking out of a double bottom price pattern.
Key Liquidation Levels
Currently, major liquidation levels are $0.255 on the lower side and $0.27 on the higher side, according to data from Coinglass, with traders using excessive leverage at these levels.
Source: Coinglass
If market sentiment does not change and the price rises to $0.27, approximately $308,620 of short positions will be liquidated.
Conversely, if sentiment switches and the price drops to $0.255, around $732,960 worth of long positions will be liquidated.
This liquidation data shows that bulls' long positions are almost twice as large as bears' short positions.
Combining all these Blockchain indicators with technical analysis, it currently appears that the bulls have the upper hand with the potential to support SAND in the upcoming rally.
Current price momentum
At the time of writing, SAND is trading near $0.266 and has experienced a price increase of over 5.2% over the past 24 hours.
During the same period, its trading volume decreased by 6%, indicating low participation from traders and investors.
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