$81 mln Solana token unlock incoming: Impact on SOL?
The post $81 mln Solana token unlock incoming: Impact on SOL? appeared on BitcoinEthereumNews.com.
Despite substantial token unlocks, Solana’s TVL has increased by 2.75%. SOL’s Long/Short Ratio was 1.019, indicating bullish market sentiment among traders. Solana’s [SOL] upcoming token unlock has garnered significant attention from crypto enthusiasts due to fears of a potential price decline. Solana’s token unlock Recently, the token unlocks dashboard shared data showing that 524,030 SOL, worth $81.56 million, are set to be unlocked and released into the circulating supply between the 1st and the 7th of October. However, this unlock represents just 0.11% of Solana’s total circulating supply. Source: Token Unlocks Following this report, there is a strong possibility that SOL could experience a selling pressure and price decline in the coming days. In general, a token unlock is often considered a bearish sign, as the increase in available supply in the market can lead to selling pressure. Current market sentiment Solana’s Total Value Locked (TVL) has increased by 2.75% over the last 24 hours, indicating a positive sentiment among traders. According to data from DeFiLlama, Solana’s TVL was $5.506 billion at press time. According to AMBCrypto’s technical analysis, SOL was in an uptrend as it was trading above the 200 Exponential Moving Average (EMA) on a daily time frame. The 200 EMA is a technical indicator that is used to determine whether an asset is in an uptrend or downtrend. Source: TradingView Based on recent performance, there is a high possibility that SOL could initially reach the resistance level of $165. If SOL breaches this resistance level and closes a daily candle above the $170 level, there is a strong possibility that the token could rally by another 15% in the coming days. Bullish on-chain metrics This positive outlook is further supported by on-chain metrics. According to the on-chain analytics firm Coinglass, SOL’s Long/Short Ratio was 1.019 at press…
Filed under: News - @ October 1, 2024 6:15 pm