- Sandbox started an unlock process with its token 170 million SAND tokens.
- Since then, the market has traded in a narrow range.
In the past 12 hours, The Sandbox has performed a massive unlock release, releasing a total of 170 million SAND tokens worth $130 million.
The unlocking took place from three multi-signature addresses, with 97 million SAND tokens transferred from the Genesis address, 48 million from the Multisig address, and 25 million from the Advisors Vault address.
Of the total amount released, 78 million SAND tokens worth $60 million were transferred directly to Binance’s deposit address.
In the last 24 hours, the Sandbox has started to be unlocked on a large scale. A total of 170 million SAND has been transferred from the multi-signature address, of which 78 million ($60 million) was transferred directly to the Binance deposit address. H/T @BitcoinEmber https://t.co/irzFgR1wtY
— Wu Blockchain (@WuBlockchain) February 5, 2023
The transfer of a significant amount of SAND tokens to a cryptocurrency exchange marks an important event for Sandbox and its community, as it makes the unlocked tokens accessible for trading purposes.
Read the SAND Price Forecast 2023-24
How did the market react?
At press time, SAND traded hands at $0.7688, according to data from CoinMarketCap. In the last 24 hours, the price of the metaverse-based token has increased by 2%. Trading volume also increased by 13% during this period.
The rally in price, however, was attributed to Bitcoin’s 1% jump [BTC] price within the same period, as a look at SAND’s performance on a 12-hour chart revealed that the market moved sideways.
When the price of a crypto asset trades in a narrow range, it is usually taken as an indication of low volatility. In addition, it often indicates indecision between buyers and sellers who cannot drive the price in either direction.
This leads to a period of consolidation where the market waits for a catalyst to drive the price in a certain direction.
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At press time, key momentum indicators remained flat. The Relative Strength Index (RSI) and Money Flow Index (MFI) of alt held at 56.36 and 54.36, respectively.
Additionally, as SAND traders awaited a decisive price move, buyers’ hold on the market weakened. This was revealed by the position of the Directional Movement Index (DMI).
At press time, the bullish indicator (green) was downtrending at 26. Additionally, the average directional indicator (yellow), also downtrending at 28, confirmed that buyers’ strength had weakened significantly.
Finally, an assessment of SAND’s Absolute Price Oscillator (APO) indicated little chance of an upside breakout in the near-term. At press time, it was pegged at 0.0083. A smaller positive value for an asset’s APO usually indicates a weak uptrend
Source: SAND/USDT on TradingView