SAND appears to be consolidating below the resistance level of 0.375 USD, with the RSI at 71.87
Strong on-chain indicators include a growth of 13.10% in large transactions
Recently, The Sandbox [SAND] has seen heightened activity, with 9.04 million SAND (3.28 million USD) deposited into Binance over the past 13 hours, raising the total over 26 days to 19.05 million SAND (5.9 million USD). At the time of writing, SAND is trading at 0.3465 USD, reflecting a 2.20% decrease over the past 24 hours.
However, on-chain growth signals and key technical levels seem to suggest that a significant move may be imminent.
SAND tests important resistance levels
The price of SAND is consolidating near a significant resistance level at 0.375 USD, an area that has played a decisive role historically. The Bollinger Bands are narrowing, reflecting reduced volatility and indicating the possibility of a breakout. A successful close above the 0.375 USD level could pave the way for a rise to 0.50 USD, but if it cannot hold, the price may retreat to support at 0.34 USD.
At the time of writing, the Stochastic RSI is at 71.87, indicating SAND is approaching overbought territory. A downward crossover could lead to a short-term price correction, creating an opportunity for traders to re-enter before testing resistance again. Therefore, upcoming trading sessions will be crucial in determining SAND's trend.
Source: TradingView
SAND's strong on-chain signals inspire confidence
Speaking of strong on-chain trends, the indicators remain a driving force for SAND. The net network growth has increased by 0.39%, indicating that user adoption has continued to grow. Additionally, at the time of writing, 1.67% of SAND holders are in profit, signaling a profitable position despite recent price declines.
The concentration index reveals an increase of 0.04%, indicating a stable balance in Token distribution between large and small investors.
Meanwhile, large transactions have increased by 13.10%, indicating growing interest from institutional and high net worth individual investors. These numbers may bolster confidence in the long-term potential of altcoins and could herald a stronger upward trend.
Source: IntoTheBlock
Short-term trends reveal opposing opportunities
At the time of writing, the long/short ratio reveals that 52.72% of traders are holding short positions compared to 47.28% long, with an overall ratio of 0.8968.
Although this shows a slightly negative sentiment, such conditions often create opportunities for short squeezes. If SAND breaks through the resistance, the liquidation of short positions could accelerate the price increase.
Source: Coinglass
Is the altcoin ready for a breakout?
Strong on-chain signals and the technical structure of The Sandbox suggest that a breakout above 0.375 USD may become increasingly likely.
Although the Stochastic RSI indicates the possibility of a short-term correction, strong on-chain indicators and interest from institutions support the long-term growth outlook. If the main resistance is broken, SAND could rise to 0.50 USD in the coming days.
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