The Sandbox surges past $0.62, targets $0.75 next
### The Key Points at a Glance
â **The Sandbox (SAND)** recently broke through a key resistance at **$0.62** and is showing bullish signals.
â Price movements suggest a potential target of **$1.00**, with $0.75 as an intermediate goal.
â **On-chain data** and declining exchange reserves support the uptrend, while technical indicators point to a possible continuation.
â Resistance levels and potential corrections could, however, slow down the rally.
###
SAND: Price Movement and Resistance Levels
The price of **The Sandbox (SAND)** has gained momentum after breaking through a critical resistance level at **$0.62**. This level proved to be pivotal, as it sparked investor buying interest. With a current price of **$0.6308** (as of December 26, 2024), SAND recorded an increase of **8.60%** over the past 24 hours.
The next target is **$0.75**, while the psychological level of **$1.00** is considered a significant milestone. On the downside, a loss of bullish momentum could push the price down to **$0.43**, where a key support zone lies.
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On-Chain Data: Positive Signals Despite Minor Weaknesses
The on-chain analysis indicates growing adoption and activity within the network:
â **Network growth**: An increase of **0.30%** suggests a steady rise in new users.
â **Profitability**: **0.83%** of holders are currently in a profitable position.
â **Large transactions**: A rise of **10.96%** indicates heightened activity among institutional investors.
However, the concentration of large holders slightly decreased by **0.04%**, hinting at minor profit-taking. If this trend continues, it could exert short-term pressure on the price.
###
Technical Indicators: Signs of Continuation
The technical indicators support the bullish outlook:
â **Relative Strength Index (RSI)**: At **49**, the RSI is in the neutral zone but shows an upward trend.
â **Bollinger Bands**: A narrowing of the bands signals an impending price movement, with an upward breakout appearing more likely.
If SAND holds the **$0.62** level as support, it could pave the way for further gains. However, a drop below this level might trigger a consolidation phase.
###
Declining Exchange Reserves: Reduced Selling Pressure
Data on exchange reserves shows a **1.51% reduction** over the last 24 hours. This indicates that fewer SAND tokens are available on trading platforms, as investors are withdrawing their holdings. A lower supply on exchanges reduces selling pressure and creates a more favourable setup for price increases.
###
Could SAND Reach the $1 Mark?
The likelihood of SAND reaching the **$1.00** mark appears promising. The breakout from the bullish pennant, supportive on-chain data, and declining exchange reserves all point to further upside potential. However, it will be crucial for SAND to overcome the resistance at **$0.75** and beyond. The overall market conditions will also play a significant role.
The coming days could be pivotal in determining the next phase of price development.
###
Our Assessment
SAND currently demonstrates a strong technical and fundamental foundation for continuing its upward trend. The breakout above **$0.62** has instilled confidence among investors, while on-chain data and declining exchange reserves provide additional support. However, investors should monitor resistance levels and potential corrections. A sustained move above **$0.75** could pave the way toward the **$1.00 mark**.
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