In the cryptocurrency market, one critical data point that investors closely follow is token unlock events. According to the Token Unlocks platform, $209.83 million worth of tokens will be unlocked over the next seven days. Among these, the highly anticipated event involves Avalanche’s native token, AVAX, set for release tomorrow.
Significance of the Avalanche Token Unlock
Token Unlocks, a platform dedicated to tracking token unlock events, reports that $209.87 million worth of tokens will be unlocked next week. One of the most notable events is the token unlock for AVAX, the native token of the Layer-1 ecosystem Avalanche.
Scheduled for tomorrow at 03:00, this event will release 2.41% of the total AVAX token supply, valued at $196.27 million. Investors are watching this event closely, and currently, AVAX is trading at $20.57. This release is among the most eagerly awaited token unlocks in recent memory.
AVAX Price Trends and Analysis
The daily chart for AVAX reveals a downward trajectory since mid-March, declining from a peak of $64. This drop has raised concerns among investors. The resistance trend line observed during the July rise has led to a loss of momentum in AVAX’s price.
Key Levels to Watch
The critical support level on the AVAX chart is $19.51, an important benchmark in recent weeks. A daily close below this level could trigger another loss in momentum. On the upside, $23.97 is the crucial resistance level. A daily close above this point would be significant for breaking the resistance at $26.
- Investors should monitor the $19.51 support level for potential price drops.
- A daily close above $23.97 could signal a trend reversal.
- The release of 2.41% of the total AVAX supply may impact market dynamics.
Conclusion
As the Avalanche token unlock event approaches, investors are keeping a close watch on market movements. The event’s outcome could have significant implications for AVAX’s future price trends, depending on the support and resistance levels breached.