The Sandbox price soared 28% in the last 24 hours to trade at $0.8005 as of 11:40 a.m. EST on trading volume that surged 305% to $6.4 billion.
SAND earlier surged to an 8-month high of around $0.93, surpassing the $0.81 resistance that occurred in March.
Sandbox Price On A Continued Rally
The SAND/USD chart shows that the Sandbox price is on a strong bullish trend emerging after a prolonged period of consolidation. Recent price action has broken out of resistance levels, and the significant rally indicates strong buying momentum, which has pushed the price of Sandbox to a 132% surge for the $0.3375 support zone, according to data from GeckoTerminal.
The SAND price now trades gracefully above both the 50-day and 200-day Simple Moving Averages (SMAs), as it coincides with the parabolic rise pattern.
Moreover, the Relative Strength Index (RSI) is at 88.08, which is significantly overbought (above 70 typically indicates overbought conditions). This suggests that the price may be due for a pullback or consolidation, as such extreme levels of RSI are not usually sustainable over a long period.
The Moving Average Convergence Divergence (MACD) line (blue) is at 0.0907, and the signal line (orange) is at 0.0480, showing a widening gap between the two. This divergence confirms bullish momentum. The histogram is strongly positive, as the green bars rally above the zero line, further validating the strength of the current rally.
Sandbox Price Prediction
Based on the SAND/USD chart analysis on the 4-hour timeframe, the Sandbox price is currently on a sustained bullish trend, which the bulls aim to sustain. If the bulls capitalize on the positive indicators, the SAND price could surge, likely pushing it to the next possible target at $1.5.
Conversely, the RSI now shows that the asset is highly overbought and may be overextended. This shows that the Sandbox is due for a pullback to allow for a cool-off. If this happens, SAND could plunge back to the 50-day SMA now acting as the next possible support at $0.31.
