- Hashed deposit of 18.45 million SAND to Binance signals a possible sell-off.
- The Sandbox (SAND) price, which has risen by 32.6% over the week, has dropped 4.1% today.
- The key levels to watch are the support at $0.31 and the resistance at $0.3627.
The Sandbox (SAND) has been capturing attention in the cryptocurrency market, with its price climbing 32.6% over the past week to $0.3517.
Despite this impressive gain, the token has faced a 4.1% decline in the last 24 hours.
Adding to the market dynamics, crypto investment firm Hashed recently deposited 18.45 million SAND tokens, valued at approximately $6.3 million, to Binance.
Hashed(@hashed_official) deposited 18.45M $SAND($6.3M) to #Binance 2 hours ago.
Hashed is very good at buying low and selling high—just last 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 significant transaction has sparked discussions among traders and analysts about its potential impact on SAND’s price trajectory.
Recent SAND price movements
Over the past 24 hours, SAND has traded between $0.337 and $0.3706, reflecting the inherent volatility in the cryptocurrency market.
Despite the recent dip, the token has shown resilience, with a remarkable 32.6% increase over the past seven days, moving from a low of $0.2641 to a high of $0.3679.
Looking at a broader timeframe, SAND has gained 17.4% over the last 14 days and 33.2% over the past month, indicating a strong upward trend.
However, it’s worth noting that over the past year, the token has decreased by 16.7%, highlighting the cyclical nature of cryptocurrency investments.
Impact of Hashed’s strategic token movement
Notably, today’s SAND transaction, valued at around $6.3 million, follows a strategic withdrawal by Hashed last month.
On April 10, 2025, at 3:00 PM UTC, Hashed withdrew 11.36 million SAND tokens from Binance when the price was $0.26, totalling $2.9 million.
Since then, SAND’s price has appreciated by 35%, reaching $0.35 before the recent deposit.
Today’s deposit of such a large amount of SAND to Binance could signal that Hashed is preparing to sell, which might put downward pressure on the price.
This is especially relevant given the increased trading volume observed after the deposit.
Immediately after the deposit, trading activity surged, with volume on the SAND/USDT pair jumping to over 25 million SAND in the subsequent hour.
This was significantly higher than the previous 24-hour average of 15 million SAND.
The heightened activity suggests that traders are reacting swiftly to the news, possibly anticipating a price movement.
From a technical perspective, the Relative Strength Index (RSI) is at 64 after briefly entering the overbought region on the daily chart, suggesting that while SAND has been on an upward trend, it is currently cooling off in anticipation of the next move.
The MACD is also signalling a retracement with a declining histogram and the MACD and signal lines converging.
If the price falls below the support at $0.31, we could witness a retest of the support at around $0.27.
However, if the $0.31 support holds and the resistance at $0.3627 is broken, the token could regain its bullish momentum, propelling it towards $0.41.
However, it’s important to note that the broader cryptocurrency market has been experiencing mixed sentiments, which could influence risk appetite for assets like SAND, although metaverse and gaming tokens, including SAND, have been gaining traction recently, driven by renewed investor interest in virtual reality projects.
Keeping an eye on trading volumes, technical indicators, and broader market sentiments will be crucial for those looking to capitalise on or hedge against potential price swings in the coming days.
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Hashed deposit of 18.45 million SAND to Binance signals a possible sell-off. The Sandbox (SAND) price, which has risen by 32.6% over the week, has dropped 4.1% today. The key levels to watch are the support at $0.31 and the resistance at $0.3627. The Sandbox (SAND) has been capturing attention in the cryptocurrency market, with
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