The Sandbox [SAND] recently broke out of a long falling wedge pattern, signaling what could be the start of an explosive uptrend.

Trading at $0.2931 after a 12.06% gain at press time, SAND has seen an explosion in both market interest and trading volume.

Indeed, its 24-hour trading volume also spiked by 126.45% – a sign of renewed enthusiasm from traders and investors.

Is this breakout strong enough to sustain the altcoin's momentum?

SAND Chart Analysis – What Does This Breakout Mean?

SAND price chart confirms a strong breakout above the falling wedge pattern, which has kept the Token in a downtrend for months.

See also: SAND: Preparing for an 80% price surge?

Additionally, the Relative Strength Index (RSI) has risen to 62.38 – a sign of bullish strength. The Bollinger Bands are also expanding around the price candles.

These indicators, when combined, suggest higher volatility, which often follows such breakouts.

Therefore, the price of SAND appears to be entering a new growth phase. However, the token will need sustained buying pressure to confirm its long-term direction.

Source: TradingView

Increase in Active Addresses and Transaction Count – Bullish Support?

Additionally, on-chain data from CryptoQuant supports SAND’s recent price surge. The number of active addresses has increased by 1.54% over the past 24 hours at press time, bringing the total to 40.66k.

This increase in network activity is important because it can be interpreted as increased interest in the token.

Additionally, the total transaction volume increased by 2.1%, further reinforcing this trend. In short, the increase in user participation suggests that SAND’s recovery may not be purely speculative, but is also supported by strong fundamentals.

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Source: CryptoQuant

SAND Exchange Reserve Analysis – Selling Pressure Easing?

SAND exchange reserves decreased by 1.06% over the past 24 hours, indicating that the amount of tokens available for sale on exchanges is decreasing.

As a result, this drop in supply implies that sellers who have taken their tokens off the exchange are likely choosing to hold on.

This behavior often occurs before further price increases, especially as it reduces immediate selling pressure in the market.

Source: CryptoQuant

Open Interest Rising – Are Traders Confident?

Open interest on Sandbox increased by 28.26% to $44.51 million. This sharp increase shows that more traders are opening new positions – a sign of confidence in SAND.

The increase in open interest, combined with SAND's price volatility, implies growing optimism for a sustained increase.

Source: Coinglass

Can SAND maintain its bullish momentum?

The altcoin breakout is backed by strong tech and positive on-chain indicators, pointing to a possible bullish reversal.

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However, continued buying pressure will be the key factor to keep this momentum alive. Therefore, while SAND is showing potential, traders should proceed with caution amid market volatility.

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