Crypto Whales Move Millions of SAND Tokens: Impact on The Sandbox (SAND) Price and Technical Analysis
Crypto News – Blockchain analytics platform Lookonchain has reported a significant transfer of millions of The Sandbox (SAND) tokens by a prominent whale to various exchanges within the past 24 hours. In a recent post on X (formerly Twitter), Lookonchain highlighted that the whale, identified by the address “0x73b4,” deposited 28.46 million SAND into Binance and OKX a few hours ago.
At the time of initiation, the value of the tokens sent to these exchanges was estimated to be approximately $8.57 million. Notably, this isn’t the first substantial deposit made by this specific whale to exchange platforms.
In a previous post dated August 11, 2023, Lookonchain disclosed that the same address had sent 80.5 million SAND, valued at approximately $32.5 million, to Binance, Gemini, and OKX. These transfers occurred three days before an astonishing 332.55 million SAND was unlocked. Following this transfer, the price of the gaming token experienced a roughly 30% decrease, as reported by Lookonchain.
In the hours following the recent deposit by the whale, the price of SAND witnessed a modest increase of 1.89%. As per the latest data from CoinMarketCap, the altcoin was trading at $0.3007. Despite the price gain following the substantial transfers, the looming possibility of a selloff by the mentioned whale remains a concern.
Technically, SAND’s daily chart has displayed a negative trend line over the past few weeks. Consequently, the price of the altcoin needs to surpass this hurdle to facilitate an upward trajectory in the coming weeks.
If SAND manages to close a daily candle above the $0.3110 resistance, it would signify a breakthrough past the previously mentioned trend line. Consequently, this could set the stage for SAND to rise to $0.3415 in the following days. On the other hand, should SAND’s price continue to decline, a potential retest of the $0.2750 support level might be on the horizon.
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