Recent on-chain data indicates that Hashed has once again attracted attention with a substantial transfer.
Recent analytics reveal that the firm has transferred 5.79 million SAND tokens to Binance, sparking renewed discussions about the short-term trajectory of the token as well as the company’s trading objectives.
Significant Activity: $12.13M in SAND Transferred in Two Weeks
According to Onchain Lens, a blockchain analysis platform, a wallet associated with Hashed has recently deposited approximately 18.45 million SAND tokens—valued around $5.79 million—into Binance about an hour ago. This marks the second significant deposit in just two weeks.
Over the past 15 days, a total of 36.9 million SAND, worth approximately $12.13 million, has moved to the exchange from the same wallet. Such consistent transfers to centralized exchanges may hint at potential selling pressure; however, it doesn’t necessarily imply that liquidation is on the horizon. Prominent investors often use centralized platforms for various strategies, such as portfolio adjustments or hedging, along with over-the-counter deals that bypass public order books. This situation can certainly keep investors on edge, yet here we find ourselves.
Nevertheless, the scale and timing of these transactions have sparked considerable speculation within the crypto community. As a well-known and established entity in the blockchain space, with past investments in projects like Terra, Axie Infinity, and The Sandbox, Hashed’s current intentions remain somewhat elusive.
Technical Setup: Ascending Triangle Indicates Possible Breakout
This significant movement occurs as SAND’s chart showcases a potentially bullish formation. Currently, the token is trading within an ascending triangle pattern—one of the most reliable bullish continuation formations in technical analysis.
An ascending triangle features a flat resistance level alongside a series of increasing lows, suggesting that buyers are gradually absorbing selling pressure in preparation for a potential breakout. Recent price action implies that bullish support is growing, pushing the token closer to a critical resistance zone.
If the price manages to break through the upper boundary of the triangle with strong volume, it could initiate a new upward trend for SAND. However, the outcome will depend on the selling pressure exerted by large players, particularly Hashed, at these crucial resistance levels.
Community Tension: Selling vs. Strategic Moves?
The market sentiment remains split. On one hand, Hashed’s significant deposits into Binance have raised fears of possible short-term declines. The logic is simple: if a large quantity of tokens suddenly enters the market, it could temporarily push SAND’s price down.
Conversely, some analysts suggest that Hashed may simply be repositioning its portfolio or preparing for strategic maneuvers that do not involve immediate selling.
Considering Hashed’s long-term investment strategy and its support for metaverse and Web3 projects, it’s plausible that these transfers are part of a broader strategy rather than a bearish signal.
Moreover, there is a noticeable increase in both trading volume and user engagement. The upgraded EIP-712 is now more user-friendly, potentially attracting new users who previously felt hesitant to participate. Additionally, let’s not overlook the validators and the promising role they play in scaling the network and providing decentralized governance.
Looking Ahead
As traders monitor the charts and on-chain movements, a pattern hints at a major event for SAND on the horizon. Whether this stems from Hashed’s actions or a collective stance from various traders remains to be seen. In the meantime, the chart indicates that a significant movement is expected soon.
Both investors and analysts are keeping a close watch on the specific wallet address and how the token reacts around its resistance levels. With the potential for either a breakout or a breakdown approaching, SAND has once again taken center stage—caught in the spotlight of whale activities and a bullish technical setup.