Can $SAND Reach $1?


The #Sandbox (SAND) recently hit a yearly high of $0.86, but a 14% pullback has left it trading at $0.76. On-chain data and technical analysis suggest that the $1 target may not be imminent.


Key Challenges

1/ Selling Pressure:


*/ Dormant tokens are being sold, with the age-consumed metric spiking to a two-month high of 33.19 billion (Santiment).

*/ Exchange Flow Balance rose 162% in 24 hours, indicating more tokens are heading to exchanges for potential selling.


2/ Overbought Signals:


*/ The RSI is at 87.18, well above the overbought threshold of 70, hinting at a possible downturn.


Downside Risks

If selling persists, SAND could drop to $0.72, or even test support at $0.61, far below the $1 target.


Path to Recovery

Easing selling pressure is crucial. If achieved, SAND might reclaim its $0.86 high and test new resistance levels. Until then, caution is advised as indicators lean bearish.

#SandboxsLANDs #Gainers

image
image
image
image
November 25, 2024 at 1:46 PM
30
504
8