After the sharp sell-off in the early session, $SNDK the price has been locked in a tug-of-war above the $1,400 level, with the underlying stock and the token premium essentially erased.

Daily line falls below the MA7; the MA7 moving average is approaching MA25. Accompanied by a MACD dead cross with expanding green bars, rebound momentum is being held back.

If the price can stabilize above $1,450 and reclaim the MA7, there is room for a technical correction in the short term.

If the daily chart breaks below the MA25 moving average line defense, downside space will open up and trigger deeper testing.

As long as the price is capped below the short-term moving averages, the current sideways consolidation is still a relatively weak structure.

The most critical variable over the next 24 hours is whether the $1,450 support can withstand a second dip test.