Can bullish SAND reclaim its pre-FTX levels? Technical indicators suggest…
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
- SAND could target its pre-FTX level in the next few days.
- The open interest rate increased, which could boost the uptrend momentum.
Sandbox [SAND] is among the best performers in the new year’s rally. It posted 120% gains after rising from $0.3802 to $0.8370. But additional gains could be likely in the coming days/weeks.
At press time, SAND’s value was $0.8019 and faced an obstacle at $0.8112. The pre-FTX level could be within reach if the bulls overcome the above hurdle.
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Pre-FTX levels: Can the bulls target it?
The Relative Strength Index (RSI) on the daily chart was 82 and in the overbought zone. It shows SAND was extremely bullish and could attempt further upward movement.
Therefore, SAND bulls could go beyond the $0.8112 level and reclaim the pre-FTX level of $0.9167 in the next few days/weeks. Such a move would offer 12% extra gains.
However, a break below $0.7236 would invalidate the above bullish bias. Given that the overbought condition could also influence a price reversal, such a correction could push SAND down to $0.7236. But the $0.6718 level could contain the drop.
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SAND’s open interest rates increased, and the sentiment was positive
According to Coinglass, SAND’s open interest rate (OI) has been on a steady rise since early January, with minor fluctuations. At press time, the OI increased further as prices soared, showing more money was pumped into SAND’s futures markets. This could boost further uptrend momentum and push SAND to reclaim its pre-FTX level.
In addition, investors’ outlook on the asset remained positive, as evidenced by positive weighted sentiment. The bullish outlook could further boost SAND’s efforts to aim at its November highs before the FTX saga.
However, the active addresses in the past 24 hours dipped slightly and could undermine a strong rally in the short term. Nevertheless, SAND’s trading volume could increase if BTC maintains the $22K zone and targets at $23K level. Therefore, investors should track BTC’s performance.