Is SAND Looking For A Launchpad To $1?

The Sandbox (SAND) token glimpses a trend reversal, and a rounding bottom formation was noted on the weekly charts. The token has trapped the sellers, and bulls have been aggressively uplifting the token price for the past weeks. This week, the token has jumped over 40%, reflecting bull accumulation.

At press time, the Sandbox token (SAND) price traded at $0.7961 with an intraday gain of 5.88%, indicating bullishness on the charts. It has a monthly return ratio of 38.95% and 134.04% on a monthly basis. The pair of ADA/BTC is at 0.0000114 BTC, and the market cap is $1.96 Billion. Analysts are bullish and suggest the SAND token price triggers a reversal, and they are ready to catch bullishness in the upcoming sessions.

Sandbox Is Climbing, Still Up To The Bulls?

The Sandbox price keeps rising and has gained traction after surpassing the 20-Day EMA hurdle above the $0.5000 mark. The sellers are getting trapped, and bulls aggressively uphold the gains from the last sessions. The trading volume reveals a notable rise of over 42% to $387.39 Million in the previous 24 hrs. However, the average volume was noted at $428.10 Million.

Price Volatility and Whale Transaction Count Outlook

This week, the SAND token surged over 20% in the volatility curve to 0.023. However, the whale transaction count also remains at an average of around 0.0900 throughout February, which indicates positive activity.

Social Volume And Twitter Activity Overview

The Sandbox token has witnessed an average social volume this month compared to the previous month and noted a decline of over 25% to 10. However, the Twitter activity data keeps fluctuating and witnessing a rise of over 40% to 832, indicating discussions and interest on the Twitter platform.

SAND Witnessed Rounding Bottom, Can Bulls Reach $1 Mark This Month?

On the weekly charts, the token glimpses a rounding shape of recovery and recuperates over 80% of gains in the last two months. Additionally, the token has surpassed the foremost 100-Day EMA hurdle and is ready to glimpse bullishness in the following sessions.

The Relative Strength Index (RSI) curve sharply rose toward 70 in the overbought zone and witnessed a positive divergence on the charts. Similarly, the MACD indicator shows a bullish crossover and formed green bars on the histogram, suggesting the outperform outlook for the following sessions.

Summary

The Sandbox token is on a steady ascent and buyers are looking to surpass the resistance mark of $0.8000 shortly. The trend is intact, and a rise was noted. If the token succeeds in sustaining gains near $0.8000, a bull rally could take SAND to the $1 mark soon.

Technical Levels

Support Levels: $0.7880 and $7770

Resistance Levels: $0.8000 and $0.8200

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. 

Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.