- Hashed deposited 36.9M SAND to Binance, adding sustained sell-side pressure
- 74.77% of holders were in loss at press time, weakening SAND’s upside recovery potential
Hashed is in the news today after it deposited over 36.9 million Sandbox [SAND], worth $12.13 million, into Binance over the last 15 days. The most recent transaction, which moved 18.45 million SAND valued at $5.79 million, occurred an hour before press time.
When a major player initiates a series of transactions of such nature, it could allude to an intent to offload holdings into the market. That’s not all though as while it could also indicate portfolio rebalancing, the timing of these deposits during price weakness could raise some concerns.
To put it simply, sustained whale activity could be a sign of bearish pressure. Significant volatility could lie ahead for SAND too.
Can the $0.29–$0.30 support zone continue to hold SAND’s decline?
SAND has bounced several times from the $0.29 to $0.30 demand zone, forming a key support region on the charts. However, despite these rebounds, the token has continued to register lower highs – A sign of declining bullish momentum.
In fact, the price recently dropped near this zone again, followed by a shallow bounce to $0.312. This price action revealed buyer hesitation and increasing vulnerability.
Therefore, if this level breaks, sellers might gain control and push SAND towards new monthly lows. The press time price structure seemed fragile too, especially amid growing whale deposits.
Source: TradingView
Will SAND’s underwater holders trigger resistance during every attempt to rally?
IntoTheBlock data revealed that 74.77% of all SAND holders may be out of the money, holding positions above the press time price of $0.311.
This amounted to roughly 2.24 billion SAND facing unrealized losses. Only 18.75% of addresses appeared to be profitable at press time.
This has created a layered wall of potential sell pressure above, especially since holders may exit positions near breakeven.
Therefore, each price rally faces a high risk of being rejected due to consistent profit-taking from trapped participants. This supply overhang could limit bullish momentum, unless new demand emerges on the charts.
Source: IntoTheBlock
Is declining user activity a red flag for price recovery?
Daily active address metrics have continued to decline too, with active users falling by 8.86% and new addresses dropping 0.95% in the last week.
This falloff in participation could imply reduced network demand and weak market interest in SAND. Historically, rising user activity has supported price growth.
However, the press time data indicated a slowdown in both speculation and utility, making bullish recovery less sustainable.
Source: IntoTheBlock
Could short liquidations above $0.32 spark volatility?
According to the Binance liquidation heatmap, there may be a dense cluster of short stop orders above the $0.32-level. If SAND pushes higher and triggers these positions, a short squeeze could amplify gains.
However, the path to that level remains uncertain, especially as bearish pressure from whale inflows weighs on the market.
Additionally, weak network participation and holder losses might reduce the probability of a clean breakout.
Source: Coinglass
Thanks to consistent whale inflows, declining network activity, and most holders being in losses, SAND is under pressure right now.
While the $0.29–$0.30 support may be holding for now, these bearish signals suggested that a breakdown is more likely than a breakout.
