Today, April 8, 2025, Sandbox (SAND) has recorded an 8.8% price gain. Despite the jump, the altcoin seems bearish and is likely to see a drop, possibly because of a whale dumping SAND tokens.
Whale dumps 17.03 million SAND
Today, crypto analyst Onchain Lens posted on X that a major whale, popularly known as Hashed, deposited 17.03 million SAND worth $4.1 million into Binance and is likely to put these tokens on sale.
This significant inflow suggests that whales are transferring their SAND tokens from their cold wallets to exchanges, which is viewed as a bearish sign. Furthermore, this shows a potential selling intention and hints at a potential downward movement in the coming days.
Data shows that this investor started investing in Sandbox back in 2019 when he accumulated tokens worth $2.5 million on May 22. Currently, the whale still holds 25.55 million SAND worth $6.16 million.
SAND price updates
Today, Sandbox has recorded an impressive recovery following the prolonged price drops noted in recent weeks. The asset’s price is currently standing at $0.2382, up 8.9% over the past 24 hours. Its trading volume also registered a 35.80% increase over the period, indicating that investors and traders are beginning to display heightened interest in SAND. This signifies a likelihood of an upcoming breakout and a possible uptrend.
Despite today’s price rise, the asset has been in a downtrend for several weeks. Its price has been down 13.6% and 19.1% over the past week and one month ago, respectively. So, in this case, it is interesting to see whether Sandbox can make a breakout or continue its ongoing downtrend.
As per metrics from Coinglass, SAND’s Open Interest (OI) surged by 5.64% over yesterday. This increase in OI shows that traders are creating new positions in the SAND market. This rise in interest and demand is likely to function as a catalyst for a potential upturn movement.
Technical indicators show that SAND has broken out of a falling wedge pattern on the weekly timeframe. Currently, the token is sitting at the upper boundary of this pattern setup as support. This means that the token is experiencing growing buying activity, which is likely to bolster its value toward the resistance region of $0.266 and $0.292 soon.
