• Sandbox [SAND] posted 120% gains after rising from $0.3802 to $0.8370.
• Open interest rate has been on a steady rise since early January, with minor fluctuations.
• SAND bulls could target the pre-FTX level of $0.9167 in the next few days/weeks, offering 12% extra gains.
Sandbox (SAND) has been one of the best performers in the new year’s rally, with its price rising from $0.3802 to $0.8370, representing a 120% increase. At press time, SAND’s value was $0.8019 and faced an obstacle at $0.8112. The Relative Strength Index (RSI) on the daily chart was 82 and in the overbought zone, showing that 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, offering 12% extra gains.
In addition to the bullish price trend, open interest rates have been on a steady rise since early January. According to Coinglass, SAND’s open interest rate (OI) has been increasing with minor fluctuations. At the time of writing, the OI increased further as prices soared, indicating that more money was pumped into SAND’s futures markets. This could further boost the uptrend momentum and push SAND to reclaim its pre-FTX level. However, a break below $0.7236 would invalidate the bullish bias and could push SAND down to $0.7236. But the $0.6718 level could contain the drop.