The cryptocurrency market is set for massive token unlocks totaling over $250 million. Key assets to watch include Solana and Dogecoin, both in vulnerable positions.
Upcoming Token Unlocks
This week, token unlocks totaling over $250 million are expected. Among the most significant are linear unlocks of Solana and Dogecoin. According to Tokenomist, Solana will face a $61.83 million unlock (465,770 SOL), while Dogecoin anticipates a $14.69 million unlock (95.89 million DOGE).
Impact on DOGE
Currently, Dogecoin is trading just above the support level of $0.145. All major moving averages are above the current price, indicating a slight price recovery but an overall bearish trend. The RSI is heavily oversold, which may suggest a brief recovery. However, the risks surrounding the upcoming token unlock could lead DOGE to fall below $0.145.
The Situation with Solana
Solana is currently trading around $134 and has already fallen below its 200 EMA, struggling to maintain the $130 range. Momentum is weak, with the RSI in the mid-30s. The anticipated $61 million unlock adds further downside risk. Without a strong recovery above $150-155, Solana could drop into the $120s.
The upcoming token unlocks increase risks for both Solana and Dogecoin, which are already facing bearish momentum. Traders should stay alert to market conditions as the unlocks approach.
