Tens of millions of SAND Tokens Transferred to Exchanges: Selloff Coming?

• Lookonchain information revealed that whale “0x73b4” despatched 28.46 million SAND tokens to Binance and OKX over the previous 24 hours.
• This whale beforehand despatched thousands and thousands of SAND to change in August, which led to a 30% drop in SAND’s value.
• At press time, SAND was buying and selling fingers at $0.3007 after it achieved a 24-hour acquire of 1.89%.

The blockchain monitoring platform Lookonchain revealed {that a} whale transferred thousands and thousands of The Sandbox (SAND) tokens to exchanges over the previous 24 hours. In an X (previously Twitter) submit revealed earlier at this time, the platform famous that whale “0x73b4” deposited 28.46 million SAND to Binance and OKX just some hours in the past.

On the time the switch was initiated, the tokens despatched to those two exchanges have been estimated to be value $8.57 million. Apparently, this isn’t the primary massive deposit despatched to change platforms by this specific whale.

In a submit revealed on 11 August 2023, Lookonchain shared that the identical deal with despatched 80.5 million SAND, value round $32.5 million, to Binance, Gemini and OKX. These transfers befell 3 days earlier than a whopping 332.55 million SAND was unlocked. Shortly after this switch, the gaming token’s value dropped roughly 30%, in response to Lookonchain.

Within the hours following the whale’s newest deposit, the worth of SAND was in a position to rise 1.89%. At press time, CoinMarketCap information indicated that the altcoin was altering fingers at $0.3007. Though the cryptocurrency printed a acquire after the substantial transfers, the specter of a selloff stays. This slight uptick in value could quickly be adopted by a selloff by the whale in query.

From a technical standpoint, a adverse pattern line had shaped on SAND’s each day chart all through the previous few weeks. Subsequently, the altcoin’s value might want to overcome this barrier earlier than it may well rise within the upcoming couple of weeks.

Ought to SAND have the ability to shut a each day candle above the $0.3110 resistance, then it should even have damaged above the aforementioned pattern line. Because of this, SAND could have the muse wanted to rise to $0.3415 in the next few days. However, if SAND’s value continues to drop, then it may look to retest the $0.2750 assist quickly.