From September 15 to 22, 2023, a significant volume of tokens is expected to be unlocked in crypto markets, potentially impacting supply and prices of digital assets.
Key Token Unlocks
During the period from September 15 to 22, major projects such as Solana (SOL), Avalanche (AVAX), and Dogecoin (DOGE) will unlock over $790 million in tokens. Leading the unlocks is the Optimism (OP) project with $91.49 million, followed by Fasttoken (FTN) at $89.8 million, and LayerZero (ZRO) at $51.16 million. Notable unlocks are also expected from Velodrome Finance (VELO) and Arbitrum (ARB), valued at $49.32 million and $47.8 million respectively.
Market Outlook
Investors are keeping a close eye on Solana (SOL), which has risen nearly 30% over the past month. Bitwise Chief Investment Officer Matt Hougan believes the crypto asset has the potential for a powerful year-end rally. Avalanche (AVAX) is also gaining attention after breaking the $27 resistance level, suggesting a possible breakout to the $40-$42 range. However, Dogecoin (DOGE) is showing mixed signals, down 5% in the last 24 hours, indicating the rally may be in early stages.
Impact Analysis on Assets
The anticipated supply changes from token unlocks could exert pressure on the market. Besides the aforementioned projects, other significant unlocks include Imaginary Ones (IP) at $22.27 million and Celestia (TIA) at $14.27 million. These token supply changes could lead to volatility and affect investors' trading positions.
In the coming days, a substantial increase in token supply is anticipated, which could significantly affect cryptocurrency prices. Investors should closely monitor these developments.
