SAND Whale Moves 409M Tokens, Boosting Transaction Volume

SAND Whale Transaction Surge

A recent major transaction involving The Sandbox (SAND) has captured attention in the cryptocurrency community. A well-known SAND whale transferred a staggering 409 million SAND tokens, equivalent to approximately $250 million. This move marks the largest transaction since the asset's inception in August 2020.

Impact on SAND's Price

Following the whale's transaction, SAND's market activity saw a notable increase. The altcoin's price rose by over 3% in the past 24 hours, reaching $0.6262. Despite strengthening against Bitcoin by 0.96%, SAND faced a slight decline against Ethereum by 0.64%. The current trading range shows SAND nearing its daily high of $0.6312, with a low of $0.5927.

Technical Analysis Insights

On the technical front, SAND is attempting to surpass the 9-day and 20-day EMA lines. A successful breakout could target a resistance level around $0.6914. Additionally, a bullish flag formation is emerging, with the daily RSI line poised to cross above the RSI SMA line. Such a development may provide the necessary momentum for SAND to break past the key EMA lines.

Future Price Movement

Traders should closely monitor the 9 and 20 EMA lines over the next 24 hours. If the shorter EMA crosses above the longer EMA, it could signal the start of a short-term bullish trend, setting sights on a potential target of $0.7550.

Conclusion

This significant whale movement has not only increased SAND's transaction volume but also influenced its price trajectory. As traders anticipate further developments, the potential for a bullish cycle remains contingent on key technical indicators.