- SAND’s Open Interest is up 5.6% over the past 24 hours after a bullish breakout.
- The key liquidation levels were at $0.255 and $0.27, with traders over-leveraged at these levels.
The overall cryptocurrency market is experiencing a remarkable recovery.
In the middle of this is the virtual gaming platform The Sandbox [SAND] has broken out of a strong bullish pattern and has shifted sentiment from a downtrend to an uptrend.
SAND technical analysis and key levels
According to AMBCrypto’s technical analysis, at the time of writing, SAND appeared bullish as it broke out of a double bottom price action pattern. The breakout was confirmed by the daily candle closing above the neckline.
Source: TradingView
Based on the recent price movement, if SAND closes a daily candle above $0.264, there is a high chance that the price will rise by 15% to reach the $0.305 level in the coming days.
Furthermore, SAND’s Relative Strength Index (RSI) stood at 52.30 at the time of writing, indicating a potential upward rally is in store.
Despite SAND’s bullish outlook, the 200 Exponential Moving Average (EMA) indicated a downtrend. When an asset trades below the 200 EMA, traders and investors generally consider it to be in a downtrend, and vice versa.
SAND’s bullish on-chain metrics
SAND’s bullish outlook is further supported by on-chain metrics. According to the on-chain analytics company Mint glassSAND’s long/short ratio stood at 1.03 at the time of writing, indicating bullish market sentiment.
Source: Coinglass
Moreover, the Futures Open Interest is up 5.6% in the last 24 hours and 3.91% in the last four hours.
This suggested growing interest from traders in the SAND token after the breakout of the double bottom price action pattern.
High liquidation levels
Currently, the key liquidation levels are at $0.255 on the downside and $0.27 on the upside, with traders at these levels being over-leveraged, according to Coinglass.
Source: Coinglass
If market sentiment remains unchanged and the price rises to the $0.27 level, short positions worth almost $308,620 will be liquidated.
Conversely, if sentiment changes and the price falls to the $0.255 level, long positions worth approximately $732,960 will be liquidated.
This liquidation data shows that bulls’ long positions are more than double bears’ short positions.
Combining all these on-chain metrics with technical analysis, it appears that bulls are currently dominating the asset and have the potential to support SAND in the upcoming upside rally.
Read The Sandbox [SAND] Price forecast 2024–2025
Current price momentum
At the time of writing, SAND is trading around $0.266 and has experienced a price increase of over 5.2% in the last 24 hours.
During the same period, trading volume fell by 6%, indicating lower participation from traders and investors.