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Disclaimer: The information presented does not constitute financial, investment, trading or any other type of advice and is solely the opinion of the author
- SAND may target pre-FTX levels in the next few days.
- The open rate is increasing, which can increase the momentum of the uptrend.
Sandbox [SAND] was one of the best performers in the new year’s rally. It posted a 120% gain after rising from $0.3802 to $0.8370. But additional gains are possible in the coming days/weeks.
At press time, SAND’s value is $0.8019 and it faces a hurdle at $0.8112. Pre-FTX levels can be reached if increases overcome the above hurdles.
Read SAND Price Prediction 2023-24
Pre-FTX level: Can the bulls target it?
Source: SAND/USDT on TradingView
The Relative Strength Index (RSI) on the daily chart is 82 and is in the overbought zone. This suggests SAND is very bullish and could test for further upside.
Hence, SAND bulls may surpass the $0.8112 level and reclaim the pre-FTX level of $0.9167 in the next few days/weeks. Such a move would offer an extra 12% profit.
However, a break below $0.7236 would invalidate the bullish bias above. Given that overbought conditions can also influence a price reversal, such a correction could push SAND down to $0.7236. But the $0.6718 level could contain losses.
Is your portfolio green? See SAND Profit Calculator
SAND’s open interest rate is increasing, and sentiment is positive
Source: Coinglass
According to Coinglass, SAND’s open interest rate (OI) has been steadily increasing since early January, with minor fluctuations. At press time, OI increased further as prices soared, indicating more money was being pumped into the SAND futures market. This could increase the uptrend momentum further and push SAND to reclaim its pre-FTX levels.
In addition, investors’ prospects for these assets remain positive, as evidenced by the weighty positive sentiment. The bullish outlook could further prompt SAND’s bid to aim for the November high ahead of the FTX saga.
However, active addresses in the last 24 hours have slightly dipped and could undermine the strong rally in the short term. However, SAND trading volumes may increase if BTC maintains the $22K zone and targets the $23K level. Therefore, investors should track the performance of BTC.
Source: Santim
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