- SAND’s breakout from a falling wedge pattern signals an 80% price increase if it rises above the 100-day moving average.
- The bullish momentum is supported by increasing active addresses, declining exchange reserves and short liquidations.
THE Sandbox (SAND) Gold prices have confirmed a breakout of their descending wedge pattern, raising expectations for a significant upward price move. With key targets set 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 rally. Will SAND manage to maintain this momentum and trigger a long-term rally?
How do transactions and active addresses look?
One of the key indicators of market activity is the number of unique active addresses. At press time, SAND had 26.96 active addresses, which represents a 1.2% increase over the last 24 hours.
Source: CryptoQuant
In addition, the volume of transactions supports this positive dynamic, showing an increase of 1.37% to 529 transactions, according to CryptoQuant Data.
This steady increase in activity means more users are interacting with the network, potentially laying the groundwork for the anticipated price hike.
Foreign Exchange Reserve Analysis: What Does It Mean?
SAND’s exchange supply currently holds 562.76 million tokens. A slight decrease of 0.02% indicates a reduction in selling pressure.
Typically, a decline in exchange reserves implies that fewer tokens are available for sale, suggesting that investors are holding onto their assets in anticipation of a price increase.
Therefore, this fits with the bullish breakout pattern seen 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 picture of the market pressure. Recent figures reveal that $109.59K of short positions were liquidated, compared to only $19.19K of long positions.
This imbalance indicates that traders betting against SAND face losses as the asset strengthens.
With the price hovering around $0.279 at press time, this sell-off 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 capitalization of SAND in terms of BTC
Will SAND maintain its success?
With trading volumes up, active addresses up, and exchange reserves down, SAND’s market structure appears well-prepared for a sustained move higher. Liquidation data further supports a bullish case as short positions continue to be eliminated.
Breaking the 100-day moving average could firmly put SAND on track for significant gains, targeting near-term targets of $0.31 and $0.40.
