Sandbox The price was trading at $2.76, while the all-time high of $8.48 seemed well off. Looking at the chart, the price was trading inside a “wedge pattern” while being supported by support and resistance since the previous high.
However, at the moment, the price is approaching the tight area. Therefore, there may be a potential explosion very soon.
Looking at the recent price action of SAND, it was close to a top at $3.86 on March 31 after the mid-month rally. Interestingly, it experienced a pullback at the “descending support line,” a level that has been tested many times before. The bearish correction erased the March gains but brought the Sandbox price closer to its structural support.
The historic performance of SAND reveals that the price has bounced back from the $2.6 support many times in the past. It touched the same level on Monday and rose slightly the next day. However, the price still hasn’t gotten rid of the bears, given that it hasn’t made any significant gains in the last 24 hours.
At the time of writing, Sandbox still did not provide any upside or downside changes. The narrow gap in support and resistance can result in an up or down ward. Some on-chain measurements can be helpful in determining the potential direction of SAND after the explosion.
What Does the Sandbox On-Chain Data Reveal?
Looking at the ins and outs of the sandbox price in the last 30 days, it is seen that the exits outweigh the entries in the last 7 days. Supply on exchanges as a percentage of total supply has decreased significantly, especially in the last 3 days.
Low supply on exchanges can attract more demand, especially at lower prices. Falling supply is also a sign of increasing bullishness. As more crypto moves from exchanges, it means a drop in direct selling pressure.
Sandbox price is in a structural support zone after the latest sell-off. A drop below this level will require the presence of a major event such as a market-wide sell-off or a “black swan” event.
On the other hand, if there is enough demand at its current level, it could ignite a strong enough rally to break its resistance.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.