- Hashed deposit of 18.45 million SAND to Binance indicators a potential sell-off.
- The Sandbox (SAND) value, which has risen by 32.6% over the week, has dropped 4.1% right this moment.
- The key ranges to watch are the help at $0.31 and the resistance at $0.3627.
The Sandbox (SAND) has been capturing consideration within the cryptocurrency market, with its value climbing 32.6% over the previous week to $0.3517.
Despite this spectacular acquire, the token has confronted a 4.1% decline within the final 24 hours.
Adding to the market dynamics, crypto funding agency Hashed not too long ago deposited 18.45 million SAND tokens, valued at roughly $6.3 million, to Binance.
Hashed(@hashed_official) deposited 18.45M $SAND($6.3M) to #Binance 2 hours in the past.
Hashed is superb at shopping for low and promoting excessive—simply final month, they withdrew 11.36M $SAND($2.9M) from #Binance at $0.26. Since then, $SAND is up 35%.https://t.co/NbfRQu5wf2 pic.twitter.com/LYmx4WQxkG
— Lookonchain (@lookonchain) May 13, 2025
This vital transaction has sparked discussions amongst merchants and analysts about its potential influence on SAND’s value trajectory.
Recent SAND value actions
Over the previous 24 hours, SAND has traded between $0.337 and $0.3706, reflecting the inherent volatility within the cryptocurrency market.
Despite the current dip, the token has proven resilience, with a exceptional 32.6% improve over the previous seven days, shifting from a low of $0.2641 to a excessive of $0.3679.
Looking at a broader timeframe, SAND has gained 17.4% over the past 14 days and 33.2% over the previous month, indicating a robust upward pattern.
However, it’s price noting that over the previous yr, the token has decreased by 16.7%, highlighting the cyclical nature of cryptocurrency investments.
Impact of Hashed’s strategic token motion
Notably, right this moment’s SAND transaction, valued at round $6.3 million, follows a strategic withdrawal by Hashed final month.
On April 10, 2025, at 3:00 PM UTC, Hashed withdrew 11.36 million SAND tokens from Binance when the worth was $0.26, totalling $2.9 million.
Since then, SAND’s value has appreciated by 35%, reaching $0.35 earlier than the current deposit.
Today’s deposit of such a lot of SAND to Binance may sign that Hashed is getting ready to promote, which could put downward strain on the worth.
This is particularly related given the elevated buying and selling quantity noticed after the deposit.
Immediately after the deposit, buying and selling exercise surged, with quantity on the SAND/USDT pair leaping to over 25 million SAND within the subsequent hour.
This was considerably greater than the earlier 24-hour common of 15 million SAND.
The heightened exercise means that merchants are reacting swiftly to the information, probably anticipating a value motion.
From a technical perspective, the Relative Strength Index (RSI) is at 64 after briefly getting into the overbought area on the every day chart, suggesting that whereas SAND has been on an upward pattern, it’s at the moment cooling off in anticipation of the following transfer.
The MACD can also be signalling a retracement with a declining histogram and the MACD and sign strains converging.
If the worth falls under the help at $0.31, we may witness a retest of the help at round $0.27.
However, if the $0.31 help holds and the resistance at $0.3627 is damaged, the token may regain its bullish momentum, propelling it in direction of $0.41.
However, it’s essential to word that the broader cryptocurrency market has been experiencing combined sentiments, which may affect threat urge for food for belongings like SAND, though metaverse and gaming tokens, together with SAND, have been gaining traction not too long ago, pushed by renewed investor curiosity in digital actuality initiatives.
Keeping an eye fixed on buying and selling volumes, technical indicators, and broader market sentiments will likely be essential for these wanting to capitalise on or hedge towards potential value swings within the coming days.
