This morning, I checked the market and was struck by what I saw: SAND/USDT had dropped 21.31% in the past 24 hours, now trading around $0.6174. The token is sitting dangerously close to a critical support level at $0.6153, making this a decisive moment for anyone keeping an eye on it.
Just yesterday, SAND hit a high of $0.8009, but it quickly lost steam, with over $425 million in trading volume in the last 24 hours. It seems to be a combination of profit-taking and lingering uncertainty in the metaverse space that’s weighing on the token. The volatility is undeniable.
Looking at the technical indicators, the selling pressure is clear. The Parabolic SAR is signaling a downtrend with dots hovering above the candles. The MACD is firmly in negative territory, showing that buyers are struggling to regain control. Meanwhile, the Stoch RSI and CRSI are deep in oversold territory, hinting at a possible recovery if buyers start to step back in.
The support level at $0.6153 is critical. If it breaks, we could see SAND heading toward $0.60 or lower. On the other hand, if it manages to hold, there’s potential for a rebound, with $0.6245 as the first resistance to watch. Breaking through that could signal a short-term reversal.
For now, all eyes are on the charts and indicators to guide the next moves.