The Sandbox (SAND) Breaks Out of Falling Wedge Pattern, Signaling the Beginning of a Bullish Trend

The Sandbox [SAND] recently broke out of its prolonged falling wedge pattern, signaling what could be the beginning of a major bullish trend.

The Sandbox [SAND] price recently broke out of its falling wedge pattern, signaling a potential beginning of a bullish trend. At press time, SAND price was trading at $0.2931, reflecting a 12.06% increase. Notably, the altcoin’s 24-hour trading volume also surged by 126.45%, indicating a renewed interest from traders.

Observing the SAND price chart, we noticed a confirmed strong breakout above the falling wedge pattern that had kept the token in a downtrend for months. Adding to this, the Relative Strength Index (RSI) rose to 62.38, indicating bullish strength. Furthermore, the Bollinger Bands were also seen widening around the price candles.

These indicators, in combination, suggested higher volatility, which often follows such breakouts. As a result, SAND price seemed to be entering a new phase of上昇, although the token required sustained buying pressure to confirm its longer-term direction.

Active addresses and transaction count rose – Bullish support?

Furthermore, on-chain metrics from CryptoQuant supported SAND’s recent price surge. The number of active addresses increased by 1.54% over the last 24 hours, bringing the total to 40.66k at press time. This uptick in network activity is crucial as it can be interpreted to mean rising interest in the token.

Also, the total transaction count rose by 2.1%, further reinforcing this trend. In simple terms, the hike in user engagement suggested that SAND’s rally might not be purely speculative, but one backed by strong fundamentals.

SAND exchange reserve analysis – Lower selling pressure?

Exchange reserves for SAND dropped by 1.06% over the last 24 hours, indicating that fewer tokens were now available for sale on exchanges.

As a result, this fall in available supply implied that sellers have been moving their tokens off exchanges, likely opting to hold. This behavior often precedes further price hikes, especially as it reduces immediate selling pressure in the market.

Open interest spike – Are traders confident?

Open interest for Sandbox climbed by 28.26%, hitting $44.51 million. Such a major hike suggested that more traders were opening new positions – A sign of confidence in SAND.

Taken together, the uptick in Open Interest, combined with SAND’s price action, implied growing optimism for sustained gains.

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