- SAND’s breakout from the falling wedge pattern indicates an 80% price increase if it crosses the 100-day moving average.
- The bullish momentum is supported by rising active addresses, lower foreign exchange reserves and short liquidations.
The Sandbox [SAND] has confirmed a breakout from the falling wedge pattern, raising expectations of significant upward price movement. With the main targets at $0.31 and $0.40, analysts are keeping a close eye on the 100-day moving average.
A break above this critical level could trigger an 80% price increase. Will SAND maintain this momentum and ignite a long-term rally?
How do transactions and active addresses proceed?
One of the most important indicators of market activity is the number of unique active addresses. At the time of writing, SAND has 26.96 active addresses, reflecting a 1.2% increase in the last 24 hours.
Source: CryptoQuant
Furthermore, transaction volume supports this positive momentum, up 1.37% to 529 transactions CryptoQuant data.
This steady increase in activity means more users are interacting with the network, potentially laying the groundwork for the expected price increase.
Currency Reserve Analysis: What Does It Mean?
The exchange reserve for SAND currently contains 562.76 million tokens. A slight decrease of 0.02% indicates a decrease in selling pressure.
In general, a falling exchange reserve implies that there are fewer tokens available for sale, indicating that investors are holding on to their assets in anticipation of a price increase.
This is therefore consistent with the bullish breakout pattern observed on the daily chart, reinforcing the likelihood of an upcoming rally.
Source: CryptoQuant
SAND Liquidations: Can the Bulls Take Over?
Liquidation data provides a clear snapshot of market pressures. The recent figures show that $109.59K of short positions were liquidated, compared to only $19.19K of long positions.
This imbalance indicates that traders betting on SAND will face losses as the asset strengthens.
With the price hovering around $0.279 at the time of writing, this liquidation trend could pave the way for further bullish momentum, potentially pushing SAND to test the $0.31 target and beyond.
Source: Coinglass
Realistic or not, here is the market cap of SAND in terms of BTC
Will SAND maintain its breakout?
With transaction volumes rising, active addresses increasing and foreign exchange reserves decreasing, SAND’s market structure appears well poised for a sustained upward move. The liquidation data further reinforces the bullish scenario as short positions continue to be squeezed out.
Breaking the 100-day moving average could put SAND firmly on the path to significant gains, with near-term targets of $0.31 and $0.40.