AVAX Price Set to Decrease as Massive Token Unlock Approaches
AVAX, the digital asset of the Avalanche network, is facing a challenging situation as a significant token unlock event looms. This unlock will release a total of 9.54 million tokens, accounting for 2.77% of the circulating supply and worth $102.29 million. The unlocked tokens will be distributed among various allocations, including airdrops, the foundation, strategic partners, and the team. As more than half of the total token supply becomes available, the market will likely experience a surge in selling pressure, ultimately leading to a decline in AVAX’s price. With indicators currently showing bearish trends and the price already below key moving averages, a recovery seems unlikely in the short term.
Key Points:
- A total of 9.54 million AVAX tokens worth $102.29 million will be unlocked.
- Over 55% of the total token supply will be unlocked.
- Allocations include airdrops, the foundation, strategic partners, and the team.
- The unlock event will likely result in a decline in AVAX’s price.
- AVAX’s indicators are currently bearish, and a recovery is not expected in the short term.
Hot Take:
The upcoming token unlock event for AVAX poses significant challenges for its price. With a large influx of tokens hitting the market, the selling pressure will intensify, potentially driving the price below $10 for the first time since July 2021. This will further impact investors who are already experiencing losses. AVAX’s bearish indicators and its position below key moving averages indicate a challenging road ahead. The crypto community will be closely watching the market’s reaction to this unlock event and its subsequent impact on AVAX’s price.
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