- Hashed-linked wallet moved 36.9M SAND to Binance, raising sell-off concerns
- SAND price holds bullish trend despite whale transfers and looming sell pressure
- Derivatives open interest rises 2.28%, signaling rising trader activity and volatility
A wallet linked to Hashed, a prominent Korean blockchain investment firm, recently transferred a large amount of SAND tokens to Binance. According to data from Onchain Lens, the wallet deposited 18.45 million SAND valued at approximately $5.79 million into the exchange in the last hour. This transaction marks a continuation of notable activity, as the same address moved a total of 36.9 million SAND worth around $12.13 million to Binance over the past 15 days.
Price Activity Shows Bullish Momentum Amid Speculative Moves
The current market price of SAND stands at $0.3097, reflecting a daily gain of 3.38%. The 24-hour trading volume has climbed to $59.63 million, indicating increased investor activity.
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The token began the day near $0.2993 and briefly dipped before rallying to a high of $0.316. Although a slight pullback followed, the price has since stabilized, supported by stronger buyer interest. The $0.299 to $0.300 range now acts as a strong support zone, while $0.316 remains a key resistance level.
The price trend also reveals higher lows, signaling growing confidence among buyers. This is particularly significant as the market reacts to large-scale transfers like Hashed’s, which can create uncertainty. Still, the price action suggests that the bulls are not backing down, despite potential sell pressure looming from major token holders.
Technical Indicators Suggest Consolidation
Looking at key indicators, the MACD currently shows slight bearish momentum. The MACD line rests at 0.0029, while the signal line stands higher at 0.0067. The histogram remains mildly negative, which suggests neutral momentum.
Additionally, the RSI is hovering around 49.00, just below the neutral threshold of 50. This indicates a lack of strong buying or selling pressure, pointing to market consolidation.
In the derivatives market, SAND’s total open interest stands at $39.9 million. This interest is entirely derived from perpetual contracts, with Binance leading the way at $21.3 million.
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Bybit and OKX followed, holding $9.8 million and $7.4 million, respectively. The increase in open interest by 2.28% over 24 hours hints at growing trader engagement, possibly in anticipation of increased volatility.
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