As market activity intensifies, hashed transfers will become Binance with $12 million in sand

Wallets linked to Hash, a well-known Korean blockchain investment company, have recently transferred a large amount of sand tokens to Binance. According to Onchain Lens data, the wallet valued roughly $5.79 million in sand in the last hour at around $5.79 million. The transaction shows a prominent continuation of activity as the same address moved a total of $33.9 million worth of sand to about $12.13 million over the past 15 days due to vinance.

Price activity shows bullish momentum amid speculative movement

The current market price for the sand is $0.3097, reflecting a daily increase of 3.38%. The 24-hour trading volume rose to $59.63 million, indicating an increase in investor activity.

Related: Sandbox Metaverse Enlarge: Alpha Season 4 Offers Rewards and Experience

The tokens began the day near $0.2993, and temporarily rallied at a high of $0.316. A small pullback followed, but then the prices remained stable and supported by stronger buyer interest. Currently, the $0.299 to $0.300 range serves as a strong support zone, with $0.316 still a significant level of resistance.

Source: CoinMarketCap

The price trend also reveals higher lows and shows increased confidence among buyers. This is especially important as the market responds to large-scale transfers like Hashed. Still, price action suggests that the bull has not retreated despite potential selling pressure coming in from key token holders.

Technical indicators suggest integration

SAND/USD Daily Price Chart, Source: TradingView

Looking at the key indicators, MACD is currently showing a slight bearish momentum. The MACD line remains at 0.0029, and the signal line is higher at 0.0067. The histogram remains slightly negative, suggesting neutral momentum.

Additionally, the RSI is hovering just below 50 neutral thresholds around 49.00. This indicates the lack of strong buying and selling pressure pointing to market consolidation.

Source: Coinanalyze

In the derivatives market, Sand’s total open interest rate is $39.9 million. This interest comes entirely from a perpetual contract, with Binance leading the way at $21.3 million.

Related: Sandbox (Sand) Price Prediction 2024-2030: Will Sand Prices reach $1.5 in no time?

BYBIT and OKX held $9.8 million and $7.4 million respectively. Perhaps an increase in open interest of 2.28% over 24 hours has been suggested, in anticipation of increased volatility, suggesting growth in trader engagement.