SAND surges 20.49%: Can $0.36 resistance ignite the next rally?

SAND surged 20.49%, retesting $0.36 resistance with bullish MACD and Fibonacci support.
On-chain metrics showed rising activity, reduced reserves, and a 54.89% open interest spike.

As a seasoned analyst with years of experience navigating the cryptocurrency market, I find myself intrigued by The Sandbox [SAND]’s recent surge and the various indicators that suggest sustained bullish momentum. With my finger on the pulse of the industry, I can confidently say that SAND’s 20.49% price increase and its testing of the $0.36 resistance level is a clear sign of market strength.

In recent news, The Sandbox (SAND) has attracted attention due to its impressive 20.49% price increase, reaching a value of $0.3629, demonstrating robust market vigor.

Over the past day, I observed a remarkable surge in trading activity, with volumes soaring by an astounding 480.65%. This phenomenal increase translated to a staggering $666.26 million in trades.

Currently, at this moment, SAND is attempting to break through the significant $0.36 barrier again, leading some to wonder if the upward trend will persist or if a potential reversal may take place instead.

Can SAND sustain its bullish momentum?

The behavior of the SAND token was remarkably strong when it touched the crucial barrier at $0.36, a point where it had been halted before in its upward trajectory.

Should the price surpass the current level, it might lead to potential increases, notably at $0.42 and $0.48, based on Fibonacci retracement indications.

Conversely, a refusal at this stage might initially trigger price adjustments, but it could pave the way for future growth and an upward trend.

Momentum measures such as the MACD are showing strong optimism, as there’s been a crossover reinforced by rising bars on the histogram. In simpler terms, this implies that the demand to buy has stayed high.

Moreover, the proximity of SAND to the 1.618 Fibonacci level (approximately $0.34) underscores the pivotal role of the $0.36 level in determining the fate of the token.

On-chain signals highlight rising activity

The on-chain statistics for SAND have been progressing favorably, with active addresses increasing by 2.42%, suggesting a surge in participant interest.

Furthermore, we saw a 3.44% increase in transactions, amounting to 3,720 during that timeframe. This trend suggests higher engagement within our ecosystem, potentially contributing to the ongoing positive price movement for SAND.

Therefore, rising network engagement aligned closely with the token’s recent price surge.

THIS points to accumulation

The amount of SAND tokens stored on exchanges decreased by about 0.17%, meaning there is less pressure for immediate selling, potentially suggesting that long-term investors are stockpiling the tokens.

If this trend persists, it might create a solid base that encourages consistent price increase, given that the available supply in the market gradually decreases.

Open Interest signals speculative activity

An impressive 54.89% jump in Open Interest, raising the total to a staggering $72.83 million, suggests a surge in speculative actions.

This rise suggested that traders were positioning themselves for significant price movements.

Yet, although this might boost positive trends, it may also enhance market turbulence, given the prevailing investor sentiments.

Realistic or not, here’s SAND market cap in BTC’s terms

20.49% jump in SAND’s price, backed by robust technical signals and optimistic blockchain statistics, sets it up favorably for a possible advance. Yet, overcoming the significant barrier at $0.36 remains crucial.

A potential breakthrough might push the price of SAND towards $0.42 and possibly further, but if it’s rejected, a temporary downturn could occur. At present, the positive trend seems to be leading the charge.

2024-11-18 08:24

Can SAND sustain its bullish momentum?

On-chain signals highlight rising activity

THIS points to accumulation

Open Interest signals speculative activity

Read More