The world of cryptocurrency is on the brink of a significant shift in market sentiment towards 13 specific coins, mainly due to imminent large-scale token unlocks. Traders and investors are exercising caution as these tokens are on the verge of experiencing a considerable surge in supply. The tokens at the center of this impending event are Sui, Optimism, Immutable, ZetaChain, dydx, Maverick Protocol, Cardano, Ethena, Galxe, Manta Network, Liquity, 1inch, and Forta.
Market observers are adopting a bearish outlook on the price movement of these assets, recommending a sell-off sentiment for them within the broader market.
In line with TokenUnlocks data, these coins are anticipated to undergo unlocks in the upcoming week, prompting market participants to avoid trading these assets. Each coin is facing its own set of challenges with regard to the unlocks and their potential impact on prices:
1. Sui: A significant unlock of 68.79 million coins is expected on October 1, representing a threat to SUI’s price.
2. Optimism: Facing a cliff unlock of 31.34 million coins, approximately $58 million, on September 30.
3. Immutable: Prepared for a supply increase of 32.47 million coins, worth $57 million, on October 4.
4. ZetaChain: A formidable unlock of 54.89 million coins, roughly $40.39 million, on October 1.
5. dydx: Set to experience a cliff unlock of 9.88 million coins, worth $10 million, on October 1.
6. Maverick Protocol: Poised for an unlock of 39.87 million coins, worth $9.5 million, on October 1.
7. Cardano: Primed for the unlock of 18.53 million coins on October 2.
8. Ethena: Readying for a cliff unlock of 14.89 million coins on September 29.
9. Galxe: Facing an unlock of 2 million coins worth $5 million on October 1.
10. Manta Network: Preparing for an unlock of 3.07 million coins, worth $3 million, on September 30.
11. Liquity: Getting ready for an unlock of 531.37K coins on October 4.
12. 1inch: Preparing for a minimal unlock of 302.14k coins on September 30.
13. Forta: Witnessing an unlock of 2.66 million coins on September 29.
Overall, the impending unlocks pose a bearish sentiment on these assets’ prices due to the anticipated surge in supply. It is crucial for traders to consider these factors before making any investment decisions to mitigate potential risks and losses.