The Relative Strength Index on the daily chart was 82 and in the overbought zone. It shows 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. Such a move would offer 12% extra gains. However, a break below $0.7236 would invalidate the above bullish bias. Given that the overbought condition could also influence a price reversal, such a correction could push SAND down to $0.7236. But the $0.6718 level could contain the drop.SAND’s open interest rates increased, and the sentiment was positiveAccording to Coinglass, SAND’s open interest rate has been on a steady rise since early January, with minor fluctuations.
In addition, investors’ outlook on the asset remained positive, as evidenced by positive weighted sentiment. The bullish outlook could further boost SAND’s efforts to aim at its November highs before the FTX saga. However, the active addresses in the past 24 hours dipped slightly and could undermine a strong rally in the short term. Nevertheless, SAND’s trading volume could increase if BTC maintains the $22K zone and targets at $23K level. Therefore, investors should track BTC’s performance.Subscribe to get it daily in your inbox.