Millions of SAND Tokens Transferred to Exchanges: Selloff Coming?

The blockchain tracking platform Lookonchain revealed that a whale transferred millions of The Sandbox (SAND) tokens to exchanges over the past 24 hours. In an X (formerly Twitter) post published earlier today, the platform noted that whale “0x73b4” deposited 28.46 million SAND to Binance and OKX just a few hours ago.

At the time the transfer was initiated, the tokens sent to these two exchanges were estimated to be worth $8.57 million. Interestingly, this is not the first large deposit sent to exchange platforms by this particular whale.

In a post published on 11 August 2023, Lookonchain shared that the same address sent 80.5 million SAND, worth around $32.5 million, to Binance, Gemini and OKX. These transfers took place 3 days before a whopping 332.55 million SAND was unlocked. Shortly after this transfer, the gaming token’s price dropped approximately 30%, according to Lookonchain.

In the hours following the whale’s latest deposit, the price of SAND was able to rise 1.89%. At press time, CoinMarketCap data indicated that the altcoin was changing hands at $0.3007. Although the cryptocurrency printed a gain after the substantial transfers, the threat of a selloff remains. This slight uptick in price may soon be followed by a selloff by the whale in question.

Daily chart for SAND/USDT (Source: TradingView)

From a technical standpoint, a negative trend line had formed on SAND’s daily chart throughout the past few weeks. Subsequently, the altcoin’s price will need to overcome this barrier before it can rise in the upcoming couple of weeks.

Should SAND be able to close a daily candle above the $0.3110 resistance, then it will also have broken above the aforementioned trend line. As a result, SAND may have the foundation needed to rise to $0.3415 in the following few days. On the other hand, if SAND’s price continues to drop, then it could look to retest the $0.2750 support soon.