From March 17 to 24, a significant token unlock worth $486 million is expected in the cryptocurrency market. The focus is on Solana, which will unlock assets worth $59 million.
Solana and Other Assets Unlocks
The market sees both one-time and linear token unlocks planned. Notable cliff unlocks include ZKJ ($31.83 million), QAI ($41.64 million), and FTN ($79.8 million). Linear unlocks involve assets like WLD ($31.82 million), TIA ($23.80 million), and DOGE ($16.60 million).
Current Challenges for Solana and Market Outlook
Solana faces challenges with the overall market condition even with the $59 million unlock. The price of SOL remains in a downtrend and has not managed to break resistance around the $140-$150 level.
Impact of Unlocks on the Market
Big token unlocks do not always cause a price drop, though short-term volatility is likely. The market is expected to absorb some of the selling pressure, but the ongoing bearish trend in Solana might exacerbate declines.
Historically, Solana has endured token unlocks without significant losses. However, given its current market weakness, the unlock could confirm pessimism and lead SOL to drop towards $120 or lower if it fails to recover the $150 level.
