Amid bullish market sentiment, SAND is poised for a 30% rally as it forms a bullish pattern on the daily chart.
- SAND’s large transaction volume jumped by 250%, indicating notable participation from whales and investors. Traders over-leveraged at $0.2911 on the lower side and $0.3246 on the upper side.
The Sandbox [SAND], a leading metaverse platform, is gaining significant attention from whales and institutions as it has formed a bullish price action pattern on its daily chart.
The current market sentiment is strongly bullish, which could help SAND to soar significantly in the coming days.
SAND’s bullish outlook is driven by positive price action, heightened interest from traders and investors, and an overall bullish market sentiment following Donald Trump’s U.S. presidential election victory.
SAND — key levels
According to AMBCrypto’s technical analysis, SAND has broken out from a parallel channel price action pattern and is now facing resistance from the 200 Exponential Moving Average (EMA) on a daily time frame.
Source: TradingView
Based on recent price action and historical momentum, if SAND closes a daily candle above the $0.315 level, there is a strong possibility it could soar by 30% to reach the $0.415 level in the coming days.
At press time, SAND was trading below the 200 EMA on the daily time frame, indicating an uptrend.
However, its Relative Strength Index (RSI) suggested a potential price correction, as it was currently in the overbought area, which may not materialize given the current market sentiment.
SAND’s bullish thesis will only remain valid as long as it is trading above the $0.288 level, otherwise, it may fail.
Whale participation and rising Open Interest
On-chain data further supported SAND’s bullish outlook. According to the on-chain analytics firm Coinglass, SAND’s Open Interest has jumped by 5.6% in the past 24 hours and 2.4% in the past four hours until press time.
Source: Coinglass
The rise in Open Interest suggested growing trader interest in the asset as it experienced a breakout from a channel pattern.
Whales and investors also appeared to be significantly participating, as large transaction volumes on SAND have skyrocketed by 248.5% in the past 24 hours, as reported by on-chain analytics firm IntoTheBlock.
As of now, the major liquidation levels were at $0.2911 on the lower side and $0.3246 on the upper side, with traders over-leveraged at these levels, according to Coinglass data.
Current price momentum
At press time, SAND was trading near $0.301m after a price rally of over 3.10% in the past 24 hours.
During the same period, its trading volume has increased by 21%, indicating heightened participation from traders and retailers amid a bullish outlook.
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