Posted:
- Regardless of a hike in value, promoting stress remained excessive on SAND.
- Whale exercise round The Sandbox was excessive.
The Sandbox [SAND] has showcased a formidable efficiency within the final 24 hours as its value rallied. If the most recent information is to be thought of, the uptrend may not cease anytime quickly.
Thus, SAND may attain newer highs in the direction of the tail finish of 2023.
The Sandbox buyers are having fun with earnings
CoinMarketCap’s data revealed that SAND was up by almost 30% within the final seven days. Within the final 24 hours alone, the token’s worth went up by 16%.
On the time of writing, SAND was buying and selling at $0.6474 with a market capitalization of over $1.3 billion. Its buying and selling quantity additionally surged by 149%, appearing as a basis for the bull rally.
Curiously, AMBCrypto had reported earlier that SAND was in a ‘despair’ state. Typically, the despair section out there comes across the finish of a bear market.
SAND to achieve new highs?
Issues can get even higher for The Sandbox, if the most recent information is to be believed. Ali, a well-liked crypto analyst, lately posted a tweet highlighting that SAND introduced a bullish alternative above $0.55.
Additionally, it doesn’t have any key resistance zones within the close to time period.
#TheSandbox above $0.55 presents a bullish alternative! With a transparent path forward and no main resistance, $SAND might goal larger.
The following important resistance wall is between $0.90 and $1.35, the place 23,000 addresses maintain 447 million #SAND. pic.twitter.com/7vdS98DFTG
— Ali (@ali_charts) December 25, 2023
AMBCrypto’s evaluation additionally reported related findings. In accordance with Hyblock, SAND witnessed excessive liquidations close to the $0.53 mark, which acted as a assist degree. Furthermore, no essential resistance ranges have been famous earlier than the $1 mark.
Supply: Hyblock Capital
Although SAND’s each day and weekly charts have been inexperienced, promoting stress remained excessive at press time. As per CryptoQuant’s data, SAND’s alternate reserve was rising, which instructed excessive promoting stress.
AMBCrypto then took a take a look at Santiment’s information, which confirmed that SAND’s Provide on Exchanges had elevated sharply within the latest previous, whereas its Provide exterior of Exchanges dropped.
Nonetheless, whale exercise across the token remained excessive. Their confidence in SAND was up, as evident from the rise within the provide held by high addresses.
Supply: Santiment
Real looking or not, right here’s SAND market cap in BTC’s phrases
To grasp whether or not the uptrend would proceed, AMBCrypto took a take a look at SAND’s each day chart. As per our evaluation, The token’s Relative Power Index (RSI) entered the overbought zone — an indication of elevated promoting stress.
Its Chaikin Cash Circulation (CMF) additionally took a slight sideways path, probably inflicting a couple of slow-moving days. Nonetheless, the MACD remained within the consumers’ favor, because it displayed a transparent bullish benefit out there.
Supply: TradingView