The Sandbox's native token, SAND, has demonstrated significant resilience and bullish momentum amidst a broader crypto market downturn. While Bitcoin slipped below the $90,000 support level and Ethereum lost the $3,000 mark, SAND posted a 7.6% gain in the last 24 hours and a 26.8% surge over the past week, trading at approximately $0.1568.
This price action is supported by a decisive technical breakout from a multi-month descending channel on the daily chart, signaling a potential shift in market structure from bearish to bullish. The breakout followed a prolonged consolidation phase near the $0.11 demand zone and has shifted trader focus toward the $0.20 level as the next key resistance target.
On-chain data reinforces the bullish thesis. Spot netflows have remained negative, with SAND recording significant exchange outflows—over $1.34 million in one report—indicating tokens are moving off exchanges for holding rather than being prepared for sale. This supply absorption occurred alongside a surge in trading volume of over 113%, suggesting strong buyer conviction.
Furthermore, derivatives markets show growing confidence. Open Interest (OI) increased by over 8% to between $48.7 million and $54 million, reflecting new long positions entering the market. Momentum indicators like the MACD trending above its signal line and the Parabolic SAR sitting below the price add to the constructive technical picture.
The move highlights a market trend where traders are becoming increasingly selective, rotating into altcoins like SAND that show early signs of strength and structural improvement during periods of broader market stress and volatility.
