The Sandbox completed a large unlock deployment in the last 12 hours, releasing 170 million SAND tokens worth $130 million.
The unlock was carried out via three multi-signature addresses, with 97 million SAND tokens sent from the Genesis address, 48 million transferred from the Multisig address, and 25 million moved from the Advisors Vault address.
Seventy-eight million SAND tokens worth $60 million were directly sent to the Binance deposit address from the total amount issued.
Transferring a significant amount of SAND tokens to a cryptocurrency exchange is a substantial event for The Sandbox and its community since it makes the unlocked tokens available for trade.
According to CoinMarketCap statistics, SAND was trading at $0.7688 at the time of publication. The price of the metaverse-based token has risen by 2% in the previous 24 hours. During that time, trading volume increased by 13%.
The price increase was, however, due to a 1% increase in the price of Bitcoin [BTC] during the same period since a review of SAND’s performance on a 12-hour chart indicated that the market went sideways.
When the price of a crypto asset moves in a narrow range, it is typically seen as indicating little volatility. Furthermore, it frequently denotes hesitation among buyers and sellers who cannot move the price in either direction.
As a result, the market is in a consolidation phase, waiting for a trigger to propel the price in a specific direction.
At the time of publication, critical momentum indicators were unchanged. For example, the alt’s Relative Strength Index (RSI) and Money Flow Index (MFI) were at 56.36 and 54.36.
Furthermore, while SAND traders waited for a dramatic price movement, buyers’ grip on the market diminished. The Directional Movement Index (DMI) position indicated this.
The Positive Directional Indicator (green) was in a downward trend at 26 at the time of publication. Furthermore, the Average Direction Index (yellow), likewise in a downward trend at 28, revealed that buyer strength had severely weakened.
Finally, an analysis of SAND’s Absolute Price Oscillator (APO) revealed a minimal likelihood of an upward price burst in the immediate term. It was 0.0083 at the time of publication. A lower positive score for an asset’s APO implies a poor rising tendency.
