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Cryptocurrency News Articles
The Sandbox (SAND) Poised for a Price Decline as Millions of Tokens Are Dumped onto Centralized Exchanges
Sep 26, 2024 at 03:00 am
After experiencing a notable rally over the past few days, The Sandbox [SAND] looked poised for a price decline as millions of tokens are being dumped onto centralized exchanges.
The Sandbox [SAND] price might be headed for a downturn following a massive dump of millions of tokens on centralized exchanges.
On September 25, on-chain analytics firm Eyeonchain noted in a post on X (formerly Twitter) that a wallet address “0x010” linked to The Sandbox had transferred 25 million tokens, valued at $7.08 million, to Binance and OKX.
According to the post on X, this wallet address received 41 million SAND from The Sandbox, which were further noted to be largely moved to CEXs. This indicated a potential sell-off.
The Sandbox: Price momentum Despite this substantial dump, SAND did not experience any major price changes in the past few hours. At the time of writing, SAND was trading close to $0.281, notching a modest 1% price surge over the past 24 hours.
During the same period, its trading volume went up by 21%, indicating higher participation from traders and investors.
However, technical analysis by AMBCrypto showed that SAND was leaning toward a bearish trend at the time of writing, trading below the 200 Exponential Moving Average (EMA) on the daily time frame. This signaled a downtrend.
The 200 EMA is a technical indicator used by traders and investors to determine whether an asset is in an uptrend or downtrend.
Moreover, the asset was facing a price rejection from a crucial resistance level of $0.288 at the time of writing.
Based on the historical price momentum and the recent token dump, there is a high chance that SAND might see a 15% decline to reach the $0.231 level in the coming days.
The bearish outlook for The Sandbox will only be valid if SAND manages to stay below the $0.29 level, failing which, it might negate this narrative.
Bearish on-chain data This negative outlook was further supported by on-chain metrics. SAND’s Long/Short Ratio was 0.84 at the time of writing, which indicated a bearish market sentiment among traders.
According to Coinglass, the Futures Open Interest increased by 4.2% over the past 24 hours, which indicated that bears were betting more on short positions than long ones.
At the time of press, 54.14% of top traders were in short positions, while 45.86% were in long positions. Hence, bears were largely present on the asset and were likely to create selling pressure in the coming days.
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