SAND is the native token of The Sandbox, a blockchain-based virtual world that allows users to build, create, play, and trade in-game items, NFTs, and other digital assets. The Sandbox is currently in a consolidation phase, focusing on enhancing its ecosystem and expanding its user base. Analysts predict that with the increase in adoption and the metaverse gaining momentum, SAND could experience a potential rally from its current price and reach a new ATH by Q1 2025.
According to the SAND Exchange Liquidation Map, on a 30-day timeframe, the number of short liquidation leverages is larger than the long liquidation leverage. At the price of $0.7628, there is about $9.08M worth of cumulative short liquidation leverage, while at $0.6212, cumulative long liquidation leverage worth $6.67M is available. Despite the short positions gaining an advantage in the short term, in the long run, the outcome for Sandbox remains optimistic. With Sandbox expanding its ecosystem, increasing adoption, partnerships, and investor interest, the demand for SAND is expected to rise, thereby changing the market sentiment from bearish to bullish.
Based on Binance SAND Futures Open Interest, the price of SAND increased from late November to early December, followed by a sharp increase in open interest on Binance Futures. After the rise, the market experienced a correction in price, stabilizing around $0.70 with open interest at $55.54M. Historically, rising open interest combined with a period of price stabilization often indicates a potential bullish breakout, especially with SAND’s increase in adoption. It has the potential to target new heights.
Technical indicators like RSI and MACD also indicate a bullish momentum for SAND. The Relative Strength Index displays a value of 62.3, indicating a start of the bullish trend. The Moving Average Convergence Divergence also points to bullish momentum, with the MACD line trading above the signal line.
GameFi Tokens Rally as The Sandbox Leads with 25% SurgeSAND is at an important point where both technical indicators and market data signal a potential bullish breakout. While SAND could experience price corrections in the short term, long-term outlooks remain optimistic. The combination of increasing open interest, bullish signals, and growing adoption indicates a sustained upward trend, with the potential to reach a new All-Time High by Q1 2025.
