In the upcoming weeks of February 2024, the cryptocurrency landscape is staged for multiple token unlocks for their early investors. The much-anticipated token releases will undoubtedly have an impact on their respective communities and the broader market.
Beginning with Immutable (IMX), a layer two scaling solution on the Ethereum network, the project is set to release 1.22 million IMX, valued at approximately $2.37 million daily for 28 days, starting on February 23. Similarly, Sui (SUI), a layer one blockchain, is expected to unlock around 4 million SUI coins, approximately valued at $5.72 million.
Aptos (APT), a layer one proof-of-stake blockchain, is gearing up for an unlock of about 24.84 million APT tokens on February 11. It represents around 7.35% of the circulating supply and is valued at approximately $221 million. Avalanche (AVAX) is poised to conduct the largest token unlock in February, releasing around 9.54 million AVAX, valued at about $320 million.
The market implications of these upcoming token unlock also coincide with the anticipated altcoin bullish season and the ongoing crypto cash rotation in the market. Traditionally, such releases trigger mixed reactions within the respective communities, potentially influencing buying and selling pressures.
Avalanche (AVAX), with a mature ecosystem boasting over $810 million in Total Value Locked (TVL) and $1 billion in stablecoins market capitalization, is gearing up for a potential rally. Technical analysis suggests a bullish outlook as the AVAX price rebounds from a weekly correction.
Aptos (APT) which is trading around $9.33, is on track to revisit its all-time high. This token is supported by a vibrant web3 ecosystem with more than $155 million in TVL and approximately $69 million in stablecoins valuation.
Immutable (IMX), a fast-growing Ethereum-based layer two scaling solution, has shown remarkable growth with $36 million in TVL and $3 billion in stablecoins market cap. Trading around $2.2, IMX is on an upward trajectory, with a potential target of $2.8.
Sui (SUI), a layer one ecosystem with more than $457 million in TVL and $5 million in stablecoins market cap, is experiencing a bullish rally, reaching new all-time highs. The weekly Relative Strength Index (RSI) indicates the potential for further gains in the near term.
The year 2023 came to a close with a remarkable surge in the cryptocurrency market, primarily fueled by substantial token unlocks and price hikes. Additionally, the weekly cliff unlocks that took place between December 25 and December 31, 2023, accounted for a total value of $67.64 million, which underlines the changing landscape of digital assets. Consequently, investors and enthusiasts are closely monitoring these developments.
