Hashed Moves 36.9M SAND to Binance Amid Weak Trend
Key Takeaways
- Investment firm Hashed has deposited 36.9 million SAND tokens on Binance.
- Approximately 75% of SAND holders are currently at a loss.
- The price is under pressure as many investors may sell during any recovery.
- User activity on the network is declining – a warning sign for price development.
- A potential short squeeze above USD 0.32 could bring short-term volatility.
Major Investor Hashed Creates Selling Pressure
Over the past two weeks, South Korean investment firm Hashed has transferred more than 36.9 million SAND tokens to the crypto exchange Binance. The total value of these deposits is approximately USD 12.13 million. The most recent transaction – 18.45 million SAND worth USD 5.79 million – took place just one hour before the data was published.
Such movements often indicate selling intentions. While it could also be a portfolio adjustment, the timing during a period of weak price performance suggests selling pressure. When large market participants (“whales”) move their holdings to exchanges, it can weigh on the price.
Weak Price Structure Despite Support
SAND has found support several times in recent weeks in the USD 0.29 to 0.30 range. This zone serves as a short-term floor. Despite small recoveries – most recently up to USD 0.312 – the trend remains downward. The series of lower highs shows that buyers are losing strength.
If support at USD 0.29 does not hold, a further decline could follow. The price action appears fragile, especially given the ongoing inflows of large amounts of SAND to Binance.
Investor Losses as Resistance
According to data from IntoTheBlock, around 74.77% of all SAND addresses are currently at a loss. This corresponds to approximately 2.24 billion tokens. Only 18.75% of addresses are currently in profit.
This scenario creates potential selling pressure during any price increase. Many investors may close their positions once they reach the break-even point. This makes sustained price increases more difficult and limits the upside potential.
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Declining Network Activity
On-chain data also shows a downward trend. In the past seven days, the number of active users has fallen by 8.86%. New addresses are down by 0.95%. These figures indicate waning interest in the Sandbox platform.
Historically, increasing user activity is often a positive signal for the price. However, the current decline argues against a near-term recovery.
Short Squeeze as a Short-Term Catalyst?
Looking at liquidation data from Binance reveals that many short positions are clustered above the USD 0.32 level. If SAND manages to break above this area, these positions could be forcibly closed – a so-called short squeeze.
This would lead to short-term price increases. However, the path to that level is uncertain. Selling pressure from Hashed, a weak user base, and many loss-making investors currently argue against a sustainable upward move.
Our Assessment
The situation for SAND is tense. Deposits by Hashed on Binance suggest selling intentions. At the same time, three-quarters of investors are in the red – creating selling pressure during any recovery. Declining network activity reinforces the negative outlook.
As long as no new buyers enter the market and support at USD 0.29 holds, SAND remains in a critical sideways phase. A short-term breakout above USD 0.32 is possible but unlikely. Anyone invested in SAND should closely monitor developments.
Sources
- IntoTheBlock
- TradingView
- Coinglass
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