SAND Surges 70% in a Week, Breaks Above 200-Day EMA
The Sandbox (SAND) cryptocurrency has experienced a significant surge in price, increasing by around 70% in a week. The price was initially trading at $0.07321, but has since surpassed its 200-day exponential moving average (EMA). This breakout on the daily timeframe has led to a substantial increase in trading volume, peaking at $962M with a 2500% increase in just one week.
The open interest (OI) has also seen a significant rise, from 21M to 62M. The funding rate, however, remains negative, indicating that perpetuals are still selling, while spot markets are buying. This discrepancy may lead to a challenging situation for perpetuals, which could potentially lose out to the spot market.
The increased OI and trading volume are expected to act as a catalyst for further bullish trends in SAND. While the market remains volatile, this surge in price and trading activity suggests that the cryptocurrency has the potential to remain bullish in the near future.