SAND Price Targets Bullish Reversal as Key Support Holds and Breakout Gains Momentum

• The Sandbox (SAND) holds strong support at $0.20-$0.22, suggesting accumulation despite a major price decline from its $8 peak.
• A breakout above $0.28, supported by rising volume, signals potential for bullish momentum if SAND can clear resistance at $0.30.
• RSI divergence around 40.49 indicates weakening downside momentum, raising the possibility of a bullish reversal if key support holds.

Analyst JavonTM1 recently suggested that The Sandbox (SAND) may be entering the early stages of a bullish reversal. According to his analysis, the price target remains above $6, though SAND is currently valued at around $0.22. 

This is a sharp decline from its all-time high of over $8, reached in late 2021. The current price action has shown repeated tests of a critical support level, which could indicate accumulation and a potential upward shift.

Support Holds as Price Consolidates

The Sandbox has seen consistent price declines since its peak, but it appears to be maintaining a crucial support line between $0.20 and $0.22. This line has been tested multiple times without a significant breakdown, suggesting buying pressure at these levels. 

Additionally, momentum indicators like the Relative Strength Index (RSI) show signs of a bullish divergence, with the RSI hovering near 40.49. While still in a downtrend, the weakening downside momentum could point to a possible recovery if the current support level holds.

Notably, a breakdown below the $0.20 mark would likely trigger more selling pressure, pushing SAND to new lows. However, maintaining the support could lead to a bounce and potential rally toward key resistance levels.

Recent Breakout Above $0.28 Signals Bullish Continuation

In a recent technical chart, SAND showed a breakout above $0.28 after consolidating between $0.25 and $0.285 for several weeks. The price increase has been supported by rising volume, although the overall trading volume remains low compared to previous periods. 

Indicators such as the RSI, currently at 59.37, suggest that bullish momentum is building but has not yet reached overbought levels.The MACD also points to moderate bullish momentum. If the price can continue holding above $0.28 and break through the $0.30 resistance, it may signal a stronger move to the upside.

Critical Resistance at $0.30 in Focus

The immediate focus remains on whether SAND can clear the $0.30 resistance level. Historically, this level has acted as a ceiling for price movements, and breaking it would be significant. However, failure to do so could lead to a pullback toward $0.25. As long as momentum indicators continue to favor the bulls, the potential for upward movement remains intact.