For a long time, the NFT space has been in the shadows as this emerging sector dominated the cryptocurrency market. In addition, the growing interest of market participants in memecoins has hindered the prosperity of other parts of the cryptocurrency space. However, a strong bull run seems to have begun, which may shake up every part of the market, including NFTs, as SAND price leads the pack among the top gainers.
SAND price printed a massive bullish candle over the weekend, bringing the coin back into the bullish zone. The platform’s trading volume surged by over 400% from less than $200 million to over $5.5 billion, indicating a major shift in traders’ sentiment. Meanwhile, SAND price hit weekly resistance, which could result in a drop, hence, more caution is warranted in this range.
The weekly chart for SAND’s price shows that the coin is testing a critical resistance zone between $0.8198 and $0.8993. The coin has not been able to break out of this area for the past two years, so this is a very important level. The rise in buying pressure could help the price continue higher. Additionally, the RSI has entered the overbought territory and unless it sustains within this zone, a bullish move could be imminent.
Therefore, the price of Sandbox might see a minor correction on a breakout of the descending wedge. After a minor retest, a breakout of this area might be imminent, while a breakout of the 200-day SMA at $1.02 could confirm a strong uptrend towards higher targets.
Will the price of Decentraland (MANA) follow the trend?
Historically, SAND and MANA have moved very closely in price action. MANA price is also testing one of the key resistance areas that has eluded it over the past few years. However, slightly different from SAND, the technical picture suggests that the price could drop by more than 30% if the bulls fail to hold the critical support level.
MANA price has reached a critical area which seems to have been dominated by bears as they tend to push the price lower after every encounter. The RSI has reached the overbought zone and shows the possibility of a bearish divergence, while the Ichimoku cloud indicates the end of the bearish trend. Therefore, Decentraland price is expected to stay inside the range for a while and as sentiment builds, the coin might break out of the resistance and move back towards $1.
