The cryptocurrency market has experienced unpredictable fluctuations in the second half of August, evoking mixed emotions among investors. Let’s take a closer look at significant token unlocks and trading notes for the upcoming week (August 19 – August 25).
Notable token unlocks for the upcoming week will total approximately $512 million, showing a 5% decrease compared to this week’s $531 million (August 12 – August 18).
The most noteworthy token unlocks in the upcoming week will involve Avalanche (AVAX), Oasis (ROSE), and Pixels (PIXEL). Additionally, there will be significant linear unlocks from Solana (SOL), Worldcoin (WLD), and Avalanche (AVAX) to take into consideration.
Investors should be aware of the following specific token unlock details:
- August 18: Oasis will unlock 151 million ROSE (2.2% of circulating supply), valued at $8.6 million.
- August 19: Pixels will unlock 54.37 million PIXEL (7.0% of circulating supply), valued at $7.2 million.
- August 20: Avalanche will unlock 9.54 million AVAX (2.4% of circulating supply), valued at $195 million.
- August 22: Space ID will unlock 18.49 million ID (4.29% of circulating supply), valued at $6.5 million.
As for the linear unlocks:
- Solana will linearly unlock 66,540 SOL ($10.4 million) per day next week, totaling $72.8 million.
- Worldcoin will linearly unlock 5.32 million WLD ($7.8 million) per day next week, totaling $54.5 million.
- Avalanche will linearly unlock 100,000 AVAX ($2 million) per day next week, totaling $14 million.
When it comes to trading next week, it’s important to keep in mind that the majority of the unlock pressure will stem from Layer 1 coins such as AVAX, SOL, and WLD. Notably, AVAX will experience simultaneous token unlocks in both cliff and linear forms, potentially exerting selling pressure on the token’s price.
Focusing on AVAX, the token of the Layer 1 Avalanche platform, it’s worth noting that its price has shown signs of weakening, as it has experienced a continuous decrease since March 2024. Currently trading around $20.5, AVAX has declined by 20% since the beginning of August. Overall, August has been a negative month for many Layer 1 coins, with SOL falling by 19% and ETH dropping by 20%.
Looking ahead, investors should also pay attention to the unlocking of new coins in the last months of the year. As the cryptocurrency market experienced significant growth since October 2023, more than 30 coins have been listed on Binance, reflecting positive investor sentiment.
However, as these coins plan to unlock tokens for development teams or investors after a one-year lockup period, selling pressure may resurface with new coins from October 2024 onward.
