- SAND broke out of its falling wedge, signaling potential bullish momentum
- On-chain data highlighted rising activity and confidence in SAND’s price action
As a seasoned researcher who has witnessed countless market trends and fluctuations, I have to admit that the recent breakout by SAND is quite intriguing. The combination of its technical analysis and on-chain data points towards a potential bullish reversal, which, if sustained, could mark the beginning of a significant uptrend.
In simpler terms, the digital currency known as The Sandbox (SAND) has just broken free from its lengthy downward trend, possibly indicating the start of a significant bullish phase. Currently priced at $0.2931, SAND experienced a 12.06% increase at the time of press. Lately, there’s been an uptick in investor attention and trading activity surrounding this cryptocurrency.
Indeed, the 24-hour trading volume experienced a significant surge by 126.45%, indicating increased enthusiasm among traders and investors. Could this spike be robust enough to sustain the altcoin’s upward trend?
SAND chart analysis – What does this breakout mean?
The graph indicating SAND’s price suggests a powerful surge past its declining triangle formation, a pattern that had kept the token in a prolonged slump for some time. Moreover, the Relative Strength Indicator (RSI) climbed to 62.38, indicating a growing bullish momentum. Furthermore, the Bollinger Bands are expanding around the price bars as well.
Taken together, these signs suggested increased market turbulence, typically observed following such bursts. As a result, it seemed that Sandbox’s (SAND) price was commencing a fresh rise. Yet, for its long-term trajectory to be confirmed, the token requires continuous buying activity.
Hike in active addresses and transaction count – Bullish support?
Furthermore, data from CryptoQuant also contributed to the recent rise in SAND’s price. At the moment of reporting, the number of active addresses had grown by 1.54%, reaching a total of approximately 40,660. This increase in network activity is significant because it often indicates growing enthusiasm for the token.
Moreover, the number of transactions increased by 2.1% as well, continuing this upward trajectory. Essentially, the surge in user activity implies that the growth of SAND may not just be driven by speculation, but by robust foundations.
SAND exchange reserve analysis – Lower selling pressure?
In the past 24 hours, there was a 1.06% decrease in the amount of SAND tokens being held in exchanges’ reserves, suggesting that less of these tokens are currently up for sale.
As a result of the decrease in supply, it seems like sellers are transferring their tokens from exchanges and choosing to keep them instead. Such actions usually signal an increase in prices, particularly when they reduce the immediate demand for selling in the market.
Open interest spike – Are traders confident?
The demand for Sandbox surged, with open interest increasing by 28.26% to reach an impressive $44.51 million. This substantial rise indicates that an increased number of traders are choosing to establish fresh positions, implying a growing faith in the potential of SAND.
Combining the rise in Open Interest and the movement in SAND’s pricing indicates a growing sense of anticipation for continuous profits among investors.
Realistic or not, here’s SAND market cap in BTC’s terms
Can SAND maintain its rally?
The significant surge in the altcoin, bolstered by robust technical indicators and optimistic on-chain statistics, hinted at a possible bullish turnaround.
Maintaining continuous buying power is essential to keep the current trend going. So, while Sandbox (SAND) looks promising, traders need to exercise care due to market fluctuations.
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2024-10-20 07:03