Will Sandbox (SAND) surpass the $1 psychological again barrier and extend the bull run by 44%?
Amid the broader market recovery, the market capitalization of gaming tokens has surged to a valuation of $34.85 billion, a significant increase from $15.62 billion just a month ago.
With a more than 2x rally, the top-performing gaming tokens include Sandbox, Gala Games, and Decentraland (Mana). The Sandbox price has risen by 15.14% over the past 24 hours, making it one of the top-performing tokens.
Over the past 7 days, it has gained over 50%, reaching a market cap of $2.25 billion. As the gaming token nears the $1 psychological mark a second time, will the bullish trend lead to a surge to $1.44? Let’s explore.
Sandbox Price Analysis
On the 4-hour chart, the Sandbox price action reveals a bullish breakout from a rounding-bottom pattern. The rally began after a bounce back from the 50MA line at $0.6123.
The recovery rally surpassed the neckline at the $0.80 level before breaking above the $1 psychological barrier. In the past 24 hours, the Sandbox price peaked at $1.06629 before pulling back slightly.
This pullback retested the 50% Fibonacci level and quickly reversed from the $0.85 level. Currently, Sandbox is trading at $0.9325 as it attempts to reclaim the $1 milestone.
The bullish surge in buying pressure has pushed the RSI lines toward the overbought territory. Additionally, the positive alignment of the key exponential moving average lines continues to provide dynamic support.
Sandbox Price Targets
With the rounding-bottom reversal in place, the uptrend is currently trading between the 61.80% and 78.60% trend-based Fibonacci levels. A breakout above the 78.60% level at $1.003 will extend the ongoing rally.
The Fibonacci levels suggest the next price targets are $1.118 and $1.4496. Therefore, price action analysis indicates an upside potential of 55%. On the other hand, the key support levels remain at $0.8496 and $0.7863 in case of a bearish turn.
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