Date: Sun, Dec 08, 2024, 05:37 PM GMT
The cryptocurrency market continues its bullish trajectory, with altcoins gaining significant traction as Bitcoin dominance declines, now standing at 55.23%, down from its recent peak of 61.53%.
Riding this wave of momentum, Sushiswap (SUSHI) and The Sandbox (SAND) are coming into the spotlight. SUSHI has already surged over 25% in the last 24 hours, while SAND shows potential to follow a similar path despite the red mark.
Both tokens have made key technical breakouts, and as crypto analyst Jonathan Carter highlights in his latest insights, these breakouts could set the stage for further gains.
Sushiswap (SUSHI)
As per analyst, Sushiswap (SUSHI) has shown impressive momentum, rallying over 25% in the last 24 hours. On the weekly chart, Carter highlights that SUSHI has successfully broken out of a long-standing parallel channel pattern, which is often considered a bullish signal. The breakout above the key resistance level of $2.22 is viewed as a critical milestone.
Carter believes that if SUSHI can sustain this breakout, it could target significant levels in the coming months, with potential milestones at $4.40, $6.40, $10.00, and even $15.40. The analyst points to strong buying interest reflected in the Relative Strength Index (RSI), though he cautions about possible short-term pullbacks due to overbought conditions.
Sandbox (SAND)
According to analyst, The Sandbox (SAND) is also gaining traction following its breakout from a broadening wedge pattern on the weekly chart. This move was supported by a textbook double bottom formation near the $0.22 support zone. Such formations often indicate a trend reversal, and Carter sees this as a strong foundation for future bullish action.
The breakout above $0.90 is considered a key level, and Carter predicts that if this resistance holds, SAND could rally toward $1.50, $2.60, $4.70, and $8.00 in the medium to long term.
Is More Rally On Horizon?
Both SUSHI and SAND have made key breakouts and with BTC dominance falling, liquidity could flow into high-potential altcoins, further boosting the prospects of these tokens.
The performance of SUSHI and SAND in the coming weeks will likely determine whether these bullish scenarios play out fully. While the breakouts are promising, traders should remain vigilant for potential pullbacks and keep an eye on key resistance levels as the market develops.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct thorough research and consult a financial advisor before making any investment decisions.