SAND is consolidating near key support with fading selling pressure and possible accumulation, while a breakout could lead to recovery or further downside if support fails. The SAND price remains in a consolidation phase with weakening momentum.
Derivatives data also shows a mixed outlook with increasing volume and decreasing open interest. According to CoinMarketCap, SAND is trading at $0.07177 with a daily decline of 6.78%.
Source: CoinMarketCap
SAND Derivative Data Point to Mixed Outlook
According to Coinglass, the SAND open interest declined by 12.25%, falling to $25.39 million, indicating reduced futures positioning among traders and weaker market commitment, possibly due to profit-taking, liquidation, or uncertainty in trend direction, which may lead to higher volatility or short-term consolidation in coming sessions.
Source: Coinglass
However, trading volume increased by 10.34%, reaching $32.42 million, indicating stronger market participation and rising activity among traders, suggesting renewed interest and improved liquidity, potentially driven by recent price movements or short-term speculative opportunities in the market.
Also Read: The Sandbox (SAND) Falling Wedge Signals Potential Breakout to $2.65
SAND Price Consolidation Points to $0.65 Breakout
Furthermore, the crypto analyst Butterfly revealed that the SAND price is currently trading near the bottom end of its weekly bearish trend, which has been a region where prices have proven resilient against declines in the past.
This range can be considered an important level of support, indicating that accumulation activity may be taking place. Momentum is increasing alongside a waning in selling pressure.
Source: Butterfly’s X Post
If this level is able to hold its ground, there is a good chance that the SAND price can make a comeback with the target being the mid-channel resistance level while the bulls eye the $0.65 region.
Breaking out to the upside will be key for making another attempt at building up some more strength; otherwise, this is likely to result in even lower levels for the SAND price.
Technical Indicators Point to Dominant Bearish Pressure
According to TradingView, the SAND price is experiencing an evident downtrend trend, currently trading around $0.07185 while trading under all moving averages (MAs), including its 20-day EMA, 50-day EMA, 100-day EMA, and 200-day EMA.
The recent daily drop in the SAND price by -3.63% further weakens the previous rally to hit an important resistance line.
Source: TradingView
Technicals suggest that there is growing pressure from the bears. The 14-day relative strength index (RSI) has tumbled significantly to 40.69 and is now trading below its signal line of 50.24, falling below zero levels.
This indicates that the sellers have the upper hand in the absence of an oversold market, which can lead to a further decline towards the $0.05900 mark.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: The Sandbox (SAND) Accumulation Could Drive The Price Toward $0.085
