The Sandbox: Bullish sentiment rises – Is SAND ready to breakout?

• SAND broke the key resistance at $0.628, forming a golden cross and signaling potential upside.
• The Long/Short Ratio pointed to strong investor confidence and continued bullish sentiment.

The Sandbox [SAND] has recently experienced a surge in bullish sentiment, prompting speculation about whether this momentum can be sustained.

Trading at $0.671 at press time, SAND has gained 3.89% in the past 24 hours. As the token faces key resistance levels, technical and on-chain indicators provide clues about its potential for continued growth.

Key resistance and golden cross–breakout potential?

SAND has recently retested the critical resistance level at $0.628, a key price point that has capped its movement in the past.

However, with the price now rising to $0.671, SAND has successfully broken through this barrier, signaling strong bullish momentum. If it can hold above this level, the token could be poised for further upside. 

The formation of a golden cross—where the short-term moving average crosses above the long-term moving average—adds to the bullish outlook.

Historically, this pattern signals the continuation of an uptrend, as long as buying pressure remains strong.

Source: TradingView

Are investors confident?

On-chain data further supported the growing bullish sentiment around SAND. Net network growth has increased by 0.89%, reflecting higher user activity, which can lead to greater demand.

Moreover, 9.91% of transactions were “in the money” at press time, meaning that a significant portion of holders were profitable. This often leads to further buying pressure, as profitable holders are less likely to sell. 

Large transactions have also surged by 15.78%, indicating that institutional players or whales are accumulating SAND, a sign of strong market confidence.

However, the concentration is slightly down by 0.52%, suggesting that a small number of addresses hold a large portion of SAND’s supply.

This could result in volatility if these large holders decide to sell. Still, overall on-chain metrics remain bullish.

Source: IntoTheBlock

SAND’s exchange reserve – What does it reveal?

SAND’s exchange reserves have decreased by -0.11% over the last 24 hours to 579.5M.

A drop in exchange reserves typically indicates that fewer tokens are available for sale on exchanges, which suggests that investors expect the price to rise and are holding their positions.

This reduction in available supply could help sustain upward momentum if demand continues to grow.

Source: CryptoQuant

SAND’s Long/Short Ratio – Bullish or neutral?

SAND’s Long/Short Ratio was 52.25% long and 47.75% short at press time.

While this ratio showed a relatively balanced market, the slight edge toward long positions (1.0942 long/short ratio) suggested that more traders were betting on a rise, reflecting overall bullish sentiment.

Source: Coinglass

Realistic or not, here’s SAND market cap in BTC’s terms

Is The Sandbox poised for a breakout?

With its recent rise above key resistance, the golden cross formation, and strong on-chain signals, SAND shows strong potential for further gains.

A slight bullish tilt in the Long/Short ratio supported this view. If SAND can hold above $0.671, the token could and see a further price growth in the near term.