Gigantic Crypto Investor Dumps $5.7M, Prices Struggling - Could Hardships Worsen?
The cryptocurrency The Sandbox (SAND) is currently facing selling pressure, with large holders such as Hashed offloading millions of tokens. This action has raised concerns about a potential price drop in the near future.
According to a recent post on X (formerly Twitter) by blockchain-based transaction tracker Onchain Lens, Hashed deposited 18.45 million SAND tokens worth $5.79 million to Binance. This substantial deposit, coupled with the firm's additional dump of 36.9 million SAND tokens worth $12.13 million over the past fortnight, could signify a bearish influence on the market.
The recent downside momentum in SAND, which has recorded a 22% decline since the firm began offloading tokens, is a clear indication that Hashed's actions may have contributed to the current market situation.
Currently, SAND is trading near $0.3096, reflecting a 0.70% dip in the past 24 hours. During this period, a decline in trader and investor activity led to an 11% drop in trading volume compared to the previous day.
Traders remain bearish, anticipating a further price drop, according to CoinGlass data. At the time of writing, traders were over-leveraged at key levels - $0.297 (support) and $0.3155 (resistance) - with $685K in long positions and $1.06 million in short positions built at these levels. This indicates that traders betting on the short side are dominating, as they believe the SAND price won't surpass the $0.3155 level anytime soon.
Historically, SAND has been in an uptrend for an extended period, supported by an ascending trendline, preventing major breakdowns. Based on recent price action and historical trends, if SAND maintains its position above the ascending trendline, it could see an upside momentum of over 27%, potentially reaching the next resistance level at $0.41. However, short-term volatility and negative sentiment could keep prices suppressed or even drive further declines.
While the current market sentiment is somewhat cautious, with fluctuating but generally wary sentiment among traders, most long-term price predictions for SAND suggest potential for recovery and growth. This is especially true if adoption of The Sandbox platform and SAND utility increases. It is essential for investors to stay informed and make informed decisions based on a comprehensive understanding of the market dynamics.
- The substantial deposit of 18.45 million SAND tokens by Hashed to Binance, coupled with the previous offloading of 36.9 million tokens, suggests a bearish influence on the SAND market.
- The recent downside momentum in SAND, coupled with the selling pressure from large holders like Hashed, raises concerns about a potential price drop in the near future.
- Currently, the SAND exchange is trading near $0.3096, with a 0.70% dip in the past 24 hours, and a decline in trading volume compared to the previous day.
- Traders are currently bearish, anticipating a further price drop, with $1.06 million in short positions built at the resistance level of $0.3155, indicating that traders betting on the short side are dominating.
