SAND’s uptrend: Analyzing the potential for a New ATH

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  • SAND shows strong momentum following a falling wedge breakout, with resistance at $0.35.
  • Onchain metrics bolster the bullish case, while reduced exchange reserves limit selling pressure.

As a seasoned crypto investor with over a decade of experience under my belt, I find myself quite intrigued by The Sandbox (SAND) at this juncture. Having weathered multiple market cycles, I’ve learned to appreciate a good setup when I see one, and SAND appears to be presenting just that.

The digital currency known as The Sandbox (SAND) appears to be picking up speed following its escape from a descending wedge formation, which often indicates a possible bullish turnaround. At the moment, it’s hovering around $0.27. Interestingly, SAND is maintaining its position above the 50-day moving average, implying that an additional surge might be on the horizon.

Technical analysis: Can SAND break past $0.35?

As an analyst, I’ve noticed that Sandbox has successfully emerged from a falling wedge pattern. Now, we’re facing a significant resistance point at $0.35. If we manage to surpass this level, it could pave the way for a more ambitious goal of reaching $0.50. This potential uptrend represents a substantial upside opportunity.

In simpler terms, the Stochastic Relative Strength Index (RSI) suggests a positive outlook since it’s close to overbought levels, implying that the market is heavily bought, yet the buying enthusiasm persists.

In other words, the MACD graph indicates a positive trend, suggesting that prices might rise more if the buying force persists.

If SAND continues to stay above its 50-day moving average, it will strengthen the optimistic perspective, potentially triggering an upward trend towards approximately $0.50.

If the resistance at $0.35 isn’t overcome, there might be a minor pullback, and the price may find support near $0.27 instead.

Bullish onchain signals strengthen Sandbox’s outlook

The on-chain data conforms to the technical structure, exhibiting optimistic indicators all around. Moreover, there’s a 0.30% increase in network growth, suggesting a growing interest and participation within the community.

58% of Sandbox owners currently have profitable stakes, a fact that may contribute to a sense of optimism among the community.

A significant boost of 5.31% in large transactions, along with a healthy level of concentration, indicates growing involvement from major players and institutional investors.

One more positive indicator is the drop in SAND’s exchange reserves, which has reduced by approximately 0.94% within the last day.

This decrease suggests that there are fewer SAND coins available on trading platforms, possibly lessening the urge to sell and facilitating a more seamless price increase if the buying interest stays consistent.

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

SAND’s path toward $0.50 looks promising

The Sandbox appears poised for an upward trend, with its technical markers and on-chain statistics pointing in a positive direction. If the $0.35 level is breached successfully, it could pave the way to our predicted goal of $0.50.

Considering the present optimistic outlook and data, it seems reasonable that SAND could achieve its goal if the purchasing energy remains strong.

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2024-11-15 18:16