Sandbox Price Prediction: What to Expect from Sandbox in 2024 & Beyond
SAND, the native token of the metaverse platform The Sandbox, has experienced a significant rally, climbing 36% within the past 24 hours. On the daily chart, SAND is currently trading at $0.80, a price point it last reached in February 2023.
This remarkable price increase is accompanied by a staggering 363% surge in trading volume, which now stands at $5.51 billion. The sharp rise in activity highlights growing interest from both traders and investors, further solidifying SAND's bullish momentum.
-
SAND finally broke out of its long trading range between $0.2250-$0.3000, forming a strong bullish candle.
-
After breaking out of the consolidation zone, a strong bullish candle emerged, forming a distinct price pattern.
-
SAND recently broke out of a descending wedge pattern, a bullish continuation structure that has driven the price from around $0.36 to the current level of $0.80.
-
The rally has pushed SAND past the 0.236 Fibonacci retracement level ($0.3614) and currently targets the 0.618 retracement level ($0.5799).
-
With strong volume backing the move, SAND is now testing resistance near $0.80 psychological level.
-
If the momentum continues, SAND could test the next Fibonacci extension level near $0.90 - $0.93 in the coming days.
-
However, if a pullback occurs, support at $0.70 (0.618 Fibonacci retracement level) and $0.58 could act as stabilization points.
-
In 2024, breaking past $0.90 could pave the way for SAND to reclaim the $1.00 psychological resistance level.
On-Chain Data Confirms Bullish Momentum
On-chain metrics highlight a growing bullish sentiment for SAND. CoinGlass reports a 63% surge in open interest, now at $203.21 million, indicating heightened market activity.
In the past 24 hours, short liquidations totaled $4.64 million, increasing buying pressure and driving SAND’s upward momentum.
What’s Next for SAND?
If SAND surpasses and sustains above $1, it could pave the way for a potential rally toward $1.50-$2.50 in the coming days or weeks.
