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Crypto To Sell In Next Week’s Trades As Price Risks Drop

Published

5 months ago

September 28, 2024

Coin2049 Newsletter

The crypto universe is set to witness a shift in market sentiments surrounding 13 coins, primarily due to massive token unlocks ahead. Traders and investors remain cautious as a colossal supply surge for these tokens looms over the horizon. Meanwhile, the 13 coins that are primed to witness this saga are Sui, Optimism, Immutable, ZetaChain, dydx, Maverick Protocol, Cardano, Ethena, Galxe, Manta Network, Liquity, 1inch, and Forta.

Market watchers are taking a bearish stance on these assets’ price action ahead, urging a selloff sentiment for them across the broader market.

13 Crypto To Sell On Risks Of Token Unlocks

Aligning with TokenUnlocks data, here’s a brief collection of the coins that are set to face unlocks in the imminent week and why market participants should steer clear of trading these assets.

Sui

SUI remains poised to witness an unlock of 68.79 million coins on October 1. Notably, 64.19 million coins are a part of cliff unlock, whereas 4.5 million SUI are a part of linear unlock on the same date. The unlock totals 2.47% of the coin’s circulating supply, posing a threat to the price ahead. SUI price traded at $1.64 today, down nearly 3% as of writing.

Optimism

OP is set to face a cliff unlock of 31.34 million coins, worth approximately $58 million, on September 30. This massive unlock equals 2.5% of Optimism’s circulating supply, raising investor concerns. OP price today gained nearly 4% to reach $1.86. The coin’s intraday low and high were $1.79 and $1.94, respectively.

Immutable

IMX prepares to witness a supply increase of 32.47 million coins, worth $57 million, with its token unlock on October 4. The unlock is equivalent to 2.02% of the asset’s circulating supply. IMX price today dropped nearly 2% to $1.76. The coin’s intraday low and high were $1.73 and $1.83, respectively.

ZetaChain

ZETA stands strong to face an unlock of 54.89 million coins, worth roughly $40.39 million, on October 1. This unlock is equivalent to a whopping 13.68% of the token’s circulating supply. Nevertheless, ZETA price today soared nearly 7% to $0.743. The crypto’s intraday low and high were $0.6836 and $0.7743, respectively.

dydx

DYDX will experience a cliff unlock of 9.88 million coins, worth $10 million, on October 1. This unlock totals 1.57% of the asset’s circulating supply. DYDX price today traded at $1.06, down nearly 1% from yesterday. The coin’s intraday low and high were recorded as $1.04 and $1.1, respectively.

Maverick Protocol

MAV remains poised to face an unlock of 39.87 million coins, worth $9.5 million, on October 1. Notably, 36.40 million coins will be unlocked as a part of cliff unlock, whereas 3.47 million MAV will be unlocked as a part of linear unlock. These unlocks, as a whole, total a whopping 10.47% of the coin’s circulating supply, posing a significant threat to the asset’s price. MAV price today traded at $0.240, up nearly 1% in the past 24 hours.

Cardano

ADA is primed to experience the unlock of 18.53 million coins, worth approximately $7 million, on October 2. This unlock equals 0.05% of the coin’s circulating supply. ADA price today traded at $0.399, down nearly 1% over the past day. The crypto’s 24-hour low and peak were recorded as $0.3936 and $0.4094, respectively.

Ethena

ENA readies for a cliff unlock of 14.89 million coins, worth $5 million, as of September 29. The cliff unlock totals 0.78% of the coin’s circulating supply. ENA price today jumped nearly 2% to $0.3588. The token’s intraday low and high were $0.3469 and $0.3732, respectively. Ethena Labs recently announced UStb stablecoin launch backed by BlackRock and Securitize.

Galxe

GAL is set to face an unlock of 2 million coins worth $5 million as of October 1. The unlock totals 1.57% of the crypto’s circulating supply. GAL price dipped nearly 3% today to trade at $2.37. Its 24-hour low and high were recorded as $2.33 and $2.50, respectively.

Manta Network

MANTA is readying for an unlock of 3.07 million coins, worth $3 million, on September 30. This unlock is equivalent to 0.8% of the total circulating supply. MANTA price today traded at $0.914, down 3.27% over the past day. The coin’s intraday low and high were $0.8841 and $0.9676, respectively.

Liquity

LQTY prepares for an unlock of 531.37K coins on October 4. The unlock equals 0.5% of the crypto’s circulating supply. However, LQTY price today gained nearly 4% to $0.983. The coin’s 24-hour low and peak were $0.9408 and $1.02, respectively.

1inch

1INCH prepares for a minimal unlock of 302.14k coins on September 30. The unlock is equivalent to 0.02% of the coin’s circulating supply. 1INCH price today traded at $0.304, down roughly 1% in the past 24 hours. The coin’s intraday low and high were $0.2957 and $0.3198, respectively.

Forta

FORT is set to witness an unlock of 2.66 million coins, with 2.61 million coins as a part of linear unlock and 50K coins in cliff unlock on September 29. This unlock totals 0.5% of the coin’s circulating supply. FORT price today traded at $0.128, up nearly 1% from yesterday. The coin’s 24-hour low and high were $0.1263 and $0.1311, respectively.

As mentioned above, in the coming week, 13 crypto tokens stand poised to witness a massive supply surge due to token unlocks. Notably, token unlock refers to a phenomenon wherein previously locked coins are released into the market strategically and periodically. However, this chronicle stages as a bearish aspect for assets’ prices as a supply surge induces a negative market sentiment, abiding by the law of supply and demand. Market watchers continue to stay bearish on these assets due to the abovementioned unlocks.

In addition, an X post by the Token Unlocks App revealed that a whopping $3.4 billion worth of crypto is to be unlocked in October. Apart from the abovementioned coins, Celestia (TIA), Worldcoin (WLD), and Solana (SOL) are to face massive unlocks ahead.

As per the data, TIA will face an unlock of $1.12 billion coins, WLD will face an unlock of $336.31 million worth of coins, and SOL will take the heat of $360.80 million worth of unlock in the coming month. Concerning this, traders might consider these tokens as crypto to sell ahead to avoid losses.