SAND’s short-term price targets – Is a breach of $0.375 next?

• SAND seemed to be consolidating below its $0.375 resistance, with the RSI at 71.87
• Bullish on-chain metrics included a 13.10% hike in large transaction growth

The Sandbox [SAND] has seen heightened activity recently, with 9.04M SAND ($3.28M) deposited into Binance in the last 13 hours, adding to a 26-day total of 19.05M SAND ($5.9M). At press time, SAND was trading at $0.3465, reflecting a 2.20% decline over the last 24 hours.

However, bullish on-chain signals and key technical levels seemed to suggest that a significant move could be on the horizon.

SAND testing critical resistance levels

SAND’s price has been consolidating near a key resistance level at $0.375, which has historically served as a pivotal zone. The Bollinger Bands were narrowing, reflecting reduced volatility and signaling that a breakout may be imminent. A successful close above $0.375 could pave the way for a rally towards $0.50, but a failure to hold could push the price back to support at $0.34.

At press time, the Stochastic RSI sat at 71.87, indicating that SAND was approaching overbought levels. A potential downward crossover could lead to short-term price retracement, providing traders an opportunity to re-enter before another attempt at the resistance level. Therefore, the next few trading sessions will be critical in determining SAND’s trajectory.

Source: TradingView

SAND’s bullish on-chain signals inspire confidence

On-chain metrics remain a source of optimism for SAND though. Net network growth increased by 0.39%, suggesting that user adoption has been steadily rising. Additionally, 1.67% of SAND holders were “in the money” at press time, signaling profitable positions despite the recent dip in price.

The concentration metric revealed a 0.04% hike, highlighting a stable balance of token distribution among large holders and smaller investors.

Meanwhile, large transactions surged by 13.10%, pointing to growing interest from institutional investors and high-net-worth individuals. These figures could bolster confidence in the altcoin’s long-term potential and may precede stronger upward momentum.

Source: IntoTheBlock

Short bias reveals contrarian opportunity

At press time, the long/short ratio revealed that 52.72% of traders were holding short positions against 47.28% longs, with an overall ratio of 0.8968.

While this indicated a slightly bearish sentiment, such conditions often create opportunities for a short squeeze. If SAND breaks through resistance, liquidations of short positions could accelerate upward price movement.

Source: Coinglass

Realistic or not, here’s SAND market cap in BTC’s terms

Is the altcoin ready for a breakout?

The Sandbox’s bullish on-chain signals and technical setup suggested that a breakout above $0.375 may be increasingly likely.

While the Stochastic RSI hinted at possible near-term retracement, strong on-chain metrics and institutional interest supported a long-term bullish outlook. If the key resistance is breached, SAND could rally towards $0.50 in the coming days.