According to on-chain data, Hashed took attention once more with a hefty on-chain transfer.
The on-chain data shows the firm has deposited 5.79 million of SAND tokens into Binance, which has led to re-ignited discussions over the short-term direction of the token and the firm’s trading aims.
Massive Movement: $12.13M in SAND Transferred Over Two Weeks
As per Onchain Lens, which is a platform for analyzing blockchains, a wallet address connected with Hashed has deposited into Binance something on the order of 18.45 million SAND tokens—equal to about $5.79 million—about an hour ago. This seems to be the second large-scale deposit in a fortnight.
In the last 15 days, 36.9 million SAND, valued at roughly $12.13 million, has moved to the exchange from the same address. This consistent depositing into centralized exchanges might suggest potential selling, but it doesn’t mean liquidation is imminent. Big-name investors have their reasons to use centralized platforms that run the gamut from portfolio rebalancing to hedging strategies, not to mention OTC deals that won’t touch the order books. This is the sort of scenario that can keep an investor up at night. And yet, here we are.
Nevertheless, the size and timing of these moves have led to some wild speculation in the crypto community. Being a prominent and established player in the blockchain space with a history of early-stage investments in projects like Terra, Axie Infinity, and The Sandbox, Hashed is awfully hard to read right now.
Technical Setup: Ascending Triangle Signals Potential Breakout
This significant token fluctuation is occurring while SAND’s chart is indicating a likely bullish formation. The token is presently trading within an ascending triangle setup—one of the more dependable bullish continuation patterns in technical analysis.
An ascending triangle has a horizontal resistance level and a series of rising lows. It indicates that buyers are gradually absorbing selling pressure and preparing for a potential breakout. SAND’s case price action over the past few weeks suggests that the support from bulls is strengthening. They appear to be driving the token toward a key resistance zone.
Should the price clear the triangle’s upper boundary with convincing volume, it could set off a new uptrend for SAND. But it all hinges on what kind of pressure the sellers—especially big ones like Hashed—are applying at the important resistance points.
Community on Edge: Selling or Strategic Move?
Market sentiment stays divided. On one hand, Hashed’s large deposits into Binance have ignited fears of possible short-term downside. The reasoning is straightforward: if a huge quantity of tokens were to flood the market, the amount of selling that would result could temporarily push SAND’s price down, down, down.
Some analysts, however, contend that Hashed may be merely repositioning its holdings or getting ready for some strategic moves that don’t involve immediate selling.
Given Hashed’s long-term investment approach and its support for projects in the metaverse and Web3 ecosystems, it seems plausible that the transfer is part of a broader strategy that Hashed is undertaking and not a signal that’s in any way bearish.
Also notable is the uptick in not only trading volume but user engagement as well—EIP-712 now how more user-friendly and, therefore, potentially more appealing for these new users that were otherwise too intimidated to jump in. And can we talk about those validators and the future they hold in scaling our network and providing us with soft decentralized governance?
Looking Ahead
When traders follow the chart and on-chain flows, a certain pattern emerges: SAND is going to do something big, and soon. Whether this is the result of a lot of tokens being moved around by Hashed or just a bunch of traders making the same call remains to be seen. In the meantime, the chart is suggesting a major move is gonna happen in the very near future.
Currently, a watchful eye is being kept by both investors and analysts on the specific wallet address and the token’s reactions around its resistance level. With a potential breakout or breakdown ahead, SAND has reentered the spotlight—now at the crosshairs of whale activity and bullish technical structure.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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