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The Sandbox (SAND), a prominent metaverse token, is currently under immense pressure following major sell-offs by a significant crypto whale. The latest dump, led by investment firm Hashed, has fueled widespread concern among traders and investors, with many now questioning whether the token can maintain its current support levels or if further losses lie ahead.
In the last 24 hours alone, Hashed reportedly deposited over 18.45 million SAND tokens—worth approximately $5.79 million—onto Binance. This is not an isolated event. Over the past two weeks, the firm has unloaded a total of nearly 36.9 million SAND tokens, with a combined market value of roughly $12.13 million. This massive sell-off has directly coincided with SAND’s recent price decline, suggesting a strong correlation between Hashed’s actions and the token’s downward trajectory.
Since the dumping began, SAND’s price has dropped by more than 22%, erasing much of the gains it had built earlier this year. The pressure from such a large volume of tokens entering the market has led to growing fears that more declines could be imminent. As of the latest data, SAND is trading around $0.3096, down nearly 0.7% in the past 24 hours. At the same time, overall trading activity has also diminished, with volume slipping by 11% compared to the previous day—a sign that market interest is fading amidst the turbulence.
Despite these challenges, technical indicators offer a mix of caution and hope. SAND has been following an ascending trendline since earlier this year, which has provided strong support and helped prevent a major price collapse. This trendline has historically been a reliable indicator of bullish momentum, and analysts believe that if the token can continue holding above this support, it may still have room for recovery.
Adding to this view is the token’s broader price pattern, which shows a consistent cycle of upward rallies followed by corrections and renewed breakouts. This pattern has repeated at least twice since April 2025. If history repeats itself, SAND could potentially rebound and rally by up to 27%, with a possible target of $0.41 acting as the next major resistance level.
However, bearish signals in the derivatives market suggest that not everyone is optimistic. According to data from CoinGlass, many traders are heavily leaning into short positions at key price levels. Specifically, around the $0.297 support and $0.3155 resistance, there’s a notable imbalance between long and short positions. At the time of analysis, over $1.06 million in shorts were active compared to just $685,000 in longs.
This imbalance signals a lack of confidence among traders that SAND can break through the $0.3155 resistance anytime soon. With such a large amount of leverage concentrated at these levels, even a small move in either direction could trigger liquidations. If the price dips below the $0.297 support, it could set off a wave of automated selling, pushing the price even lower. Conversely, if SAND manages to hold its ground and break past resistance, short liquidations could amplify a sharp upward move.
Currently, SAND remains trapped between a descending resistance line and the ascending support trendline. This positioning creates a classic wedge pattern, often viewed as a precursor to a breakout. But the direction of that breakout remains uncertain and heavily dependent on whether large holders continue to sell and whether buying interest returns to the market.
One notable concern is the declining engagement from retail traders. With fewer participants in the market and no immediate catalysts on the horizon, SAND’s recovery could be slow unless sentiment improves dramatically. Broader market conditions, especially the performance of Bitcoin and other large-cap assets, will also play a role in shaping SAND’s near-term future.
In conclusion, The Sandbox is at a crucial turning point. A continued defense of its ascending trendline could open the door to a strong recovery, possibly driving prices 27% higher. But failure to hold current support may lead to intensified selling and deeper losses. With whale activity still ongoing and market confidence shaken, traders are advised to tread carefully and closely monitor key support and resistance levels in the days ahead.
