- SAND broke key resistance at $0.628, forming a golden cross and signaling upside potential.
- The Long/Short ratio reflects strong investor confidence and continued bullish sentiment.
The sandbox (SAND) has recently seen a surge in bullish sentiment, prompting speculation that this momentum can be sustained.
Trading at $0.671 at press time, SAND gained 3.89% in the last 24 hours. As the token faces key resistance levels, technical and on-chain indicators provide clues to its continued growth potential.
Key resistance and golden cross breakout potential?
SAND recently retested the critical resistance level at $0.628, a key price level that has capped its movement in the past.
However, with the price now reaching $0.671, SAND has managed to breach this barrier, signaling strong bullish momentum. If it can sustain above this level, the token could be poised for further upside.
The formation of a golden cross, where the short-term moving average rises above the long-term moving average, adds to the bullish outlook.
Historically, this trend signals the continuation of an uptrend, as long as buying pressure remains strong.
Source: TradingView
Are investors confident?
On-chain data further supported the growing bullish sentiment around SAND. Net network growth increased by 0.89%, reflecting higher user activity, which may lead to greater demand.
Additionally, 9.91% of trades were “in the money” at the time of publication, meaning a significant portion of holders were profitable. This often leads to additional buying pressure, as profitable holders are less likely to sell.
Large transactions also jumped 15.78%, indicating that institutional players or whales are accumulating SAND, a sign of strong market confidence.
However, concentration is down slightly by 0.52%, suggesting that a small number of addresses hold a large portion of SAND’s supply.
This could lead to volatility if these large holders decide to sell. Nonetheless, overall chain metrics remain optimistic.
Source: In the block
The SAND foreign exchange reserve – What does it reveal?
SAND’s foreign exchange reserves decreased by -0.11% in the last 24 hours to 579.5M.
A decline in foreign exchange reserves generally indicates that fewer tokens are available for sale on exchanges, suggesting that investors are expecting prices to rise and are holding on to their positions.
This reduction in available supply could help maintain upward momentum if demand continues to grow.
Source: CryptoQuant
SAND Long/Short Ratio – Bullish or Neutral?
SAND’s Long/Short ratio was 52.25% long and 47.75% short at press time.
Although this ratio shows a relatively balanced market, the slight advantage toward long positions (long/short ratio of 1.0942) suggests that more traders are betting on an upside, reflecting the general bullish sentiment.
Source: Coinglass
Realistic or not, here is the market capitalization of SAND in terms of BTC
Is The Sandbox ready for a breakthrough?
With its recent rise above key resistance, the formation of the golden cross and strong on-chain signals, SAND presents strong potential for further gains.
A slight upward tilt in the Long/Short ratio supported this view. If SAND can sustain above $0.671, the token could see further price growth in the near term.
