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SAND’s Multi-Year Wedge Nears Apex: Can Bulls Push Past Long-Term Trendline?
SAND defends $0.22–$0.30 weekly support, showing whale accumulation in the zone.
Price forms a multi-year wedge, with breakout levels near $0.44 and $0.50.
Volume recovers to 800M after August lows, supporting controlled bullish momentum.
SAND is holding firm above a long-tested weekly support zone, with whale accumulation and rising volume building pressure for what could be a decisive breakout from its multi-year wedge formation.
Price Structure Points to Potential Breakout
SAND/USDT has been locked in a multi-year downtrend since its late-2021 high near $8.50.According to market observations shared by Marcus Corvinus a descending red trendline connects lower highs from past cycles, while an ascending green trendline supports price from below. They formed a wedge that has narrowed since mid-2022.
The weekly support zone at $0.22 and $0.30 band have been tested repeatedly, but they have held firm each time. Price currently trades near $0.3081, edging toward the upper boundary of the consolidation range around $0.44. The descending red resistance intersects near $0.50, marking a critical decision level.
Targets from Fibonacci data show potential zones at $0.75, $1.15, $1.60, and beyond if a breakout occurs.
Momentum Indicators Support Uptrend
Since early August, SAND has recovered from $0.26 with higher lows and higher highs. The MACD recently crossed bullish, with the histogram turning green and lines widening apart. RSI reads 65.27, reflecting strength without crossing into overbought territory.
Source: CryptoRank
Price is approaching the $0.36 zone, last visited in mid-July, where it faced rejection. Breaking above this level and sustaining momentum. could confirm a move toward $0.44–$0.50 or even a larger breakout from the wedge.
For now, the weekly support remains intact, with momentum building, and accumulation continuing.This could set the stage for a potentially decisive move.
Volume Recovery Signals Accumulation
CoinMarketCap data from over the past month shows a cycle of late-July strength, early-August weakness, and a steady recovery. The August 4 low near 625M has given way to consistent gains, with volume now near 800M.
On the 4-hour chart, volume has shown gradual spikes during upward moves without panic-driven surges. This steady increase suggests controlled accumulation rather than speculative spikes.
The post SAND’s Multi-Year Wedge Nears Apex: Can Bulls Push Past Long-Term Trendline? appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.