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Analysis platform Lookonchain shared in a Twitter post earlier this morning that the blockchain building company Hashed recently transferred millions of The Sandbox (SAND) tokens to an exchange. According to the post, the company sent a deposit of 23.13 million SAND, equivalent to $12.9 million to Binance.
Note that Hashed(@hashed_official) deposited 23.13M $SAND ($12.9M) into #Binance 30 mins ago.https://t.co/1S6bNoumav pic.twitter.com/U5WgmzmfRu
— Lookonchain (@lookonchain) May 30, 2023
Meanwhile, SAND was worth about $0.5506 at press time after the crypto experienced a 1.01% price increase over the past day, according to CoinMarketCap. As a result, SAND was trading between its daily high of $0.5598 and its 24-hour low of $0.539.
The altcoin’s price increase allowed it to strengthen against the two market leaders, Bitcoin (BTC) and Ethereum (ETH), by about 1.33% and 0.77% respectively. In addition to this, the crypto’s daily performance pushed its weekly performance even further into the green at +6.90%.
On the other hand, SAND’s 24-hour trading volume saw a 59.05% decrease, which left it standing at $78,413,698. Its market cap of $1,021,203,767 meant that SAND was ranked as the 43rd biggest crypto in terms of market capitalization.
From a technical perspective, the altcoin’s price movement has been flat for the last several months. At press time, SAND was trading below the 20-week and 50-week EMA lines, which was a bearish flag.
However, the shorter 20-week EMA line was looking to cross above the 50-week EMA line. Should this cross happen in the next few weeks, it will signal a long entry for swing traders. In addition to the two key EMA lines looking to cross, the weekly RSI line was also on the verge of bullishly crossing above the weekly RSI SMA line.
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