The decentralized NFT market Blur is undergoing a significant monthly event—token unlocks—which have substantially impacted its price and market dynamics.
Influence of Monthly Unlocks
This month, 34.41 million BLUR tokens worth approximately $11.06 million were unlocked and transferred to Coinbase Prime. This unlocking constitutes 31.6% of the total, or 949 million tokens, significantly impacting the market situation.
Current Blur Market Situation
Since the unlocking cycle began on June 15, 2023, about 31.6% of the total BLUR supply has entered Coinbase Prime. This equals $323.1 million at the current transfer price. Such actions significantly pressure the BLUR price, demonstrating a downward trend.
Indicator Analysis and Forecasts
The current market price of BLUR faces resistance at the $0.35 level, while support is testing stability around $0.32. Momentum indicators suggest an approach to oversold conditions, although the sentiment remains bearish.
Blur token unlocks continue to have a noticeable impact on market behavior and pricing, setting the stage for further changes in the future.
