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The blockchain analytics firm Santiment (@santimentfeed) tweeted this morning that a known The Sandbox (SAND) whale recently shifted a large amount of SAND. According to the tweet, the whale emptied out its entire 409 million SAND, worth approximately $250 million, and moved to a new address today.
Santiment’s tweet added that this was the most SAND moved since the asset’s first week of existence back in August 2020. In addition, the $261 million which was moved today is the most moved in 7 months.
At press time, the price of SAND is up 3.65% in the last 24 hours according to CoinMarketCap. SAND was also able to strengthen against Bitcoin (BTC) by 0.96%. The altcoin was unable to do the same with the altcoin leader, Ethereum (ETH), and weakened against ETH by 0.64% during the same period. As a result, SAND’s price currently stands at $0.6262.
The altcoin is currently trading closer to its daily high at $0.6312, with its 24-hour low at around $0.5927.
The price of SAND is attempting to break above the 9-day and 20-day EMA lines at press time. Should this happen, the SAND’s price will make a move to the next key resistance level at around $0.6914.
A bullish flag is on the verge of triggering as the daily RSI line is about to cross above the RSI SMA line. Should this happen the SAND’s price may have the necessary support to break above the 9 and 20 EMA lines.
Traders will want to keep an eye on the 9 and 20 EMA in the next 24 hours. Should the shorter EMA cross above the longer EMA then SAND’s price will enter into a short-term bullish cycle and will look to target $0.7550.
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