The Sandbox started a token unlocking process from 170 million SAND tokens.
The market has been trading in a tight range ever since.
In the past 12 hours, The Sandbox performed a massive unlock, releasing a total of 170 million SAND tokens worth $130 million.
The unlock was performed from three multi-signature addresses, transferring 97 million SAND tokens 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 directly transferred to the Binance deposit address.
In the past 24 hours, Sandbox has been unlocked widely. A total of 170 million SAND was 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 The Sandbox and its community as it makes the unlocked tokens accessible for trading purposes.
Read SAND Price Forecast 2023-24
How has the market reacted?
At the time of writing, SAND exchanged hands at $0.7688, according to CoinMarketCap data. In the past 24 hours, the price of the metaverse-based token is up 2%. Trading volume also increased by 13% during that period.
However, the price increase was due 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 was moving sideways.
When the price of a crypto asset is trading within a tight range, it is usually seen as an indication of low volatility. In addition, it often means indecisiveness on the part of buyers and sellers who cannot steer the price in either direction.
This results in a period of consolidation where the market waits for a catalyst to move the price in a certain direction.
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At the time of writing, key momentum indicators remained flat. The alt’s Relative Strength Index (RSI) and Money Flow Index (MFI) came in at 56.36 and 54.36, respectively.
In addition, as SAND traders waited for a decisive price move, buyers’ hold on the market weakened. This was evident from the position of the Directional Movement Index (DMI).
At the time of writing, the Positive Directional Indicator (green) was in a downtrend at 26. In addition, the Average Directional Index (yellow), also in a downtrend at 28, confirmed that buyers had declined significantly.
Finally, an assessment of SAND’s Absolute Price Oscillator (APO) showed a slim probability of a short-term price upward burst. At the time of writing, it was pegged at 0.0083. A smaller positive value for an asset’s APO generally indicates a weak uptrend
This post How the SAND has fared since the start of token unlocking
was published first on https://ambcrypto.com/how-sand-has-fared-since-the-commencement-of-its-token-unlock/