In the cryptocurrency market, token unlock events are among the most watched data points by investors. According to Token Unlocks platform, next week will see the release of $212.86 million worth of tokens. A significant event involves the unlocking of Wormhole’s native token W in the Solana ecosystem, set to occur tomorrow.
What Is the Wormhole Token Unlock Event?
The Token Unlocks platform reveals that $212.86 million worth of tokens will be unlocked next week, with the most notable being the $143.64 million unlock of Wormhole’s W token. This event, scheduled for August 3 at 14:30, will release a token quantity equivalent to 33.33% of the total W token supply. Investors are closely monitoring this event, with the W token trading at $0.239 as of the latest update.
How Is the W Chart Performing?
On the daily W chart, selling pressure has driven the token to its lowest price points since its inception. This decline is largely attributed to negative trends in altcoin projects and user dissatisfaction during the airdrop event of the project. The primary support level on the daily chart is $0.2261, a point that has been tested thrice but has not been breached in a daily close.
The primary resistance levels to observe are $0.2663 and $0.3576. If the daily bar manages to close above $0.2663, which aligns with the EMA 9 average, the W token price could gather upward momentum.
Key Investor Takeaways
The upcoming token unlock events offer several actionable insights for investors:
- Monitor the Wormhole token unlock closely, as it represents a substantial proportion of the total supply.
- Pay attention to the $0.2261 support level for potential price drops if it is breached.
- Watch for the $0.2663 resistance level; a close above it could signal a price increase.
These insights can guide strategic decisions as the market responds to the significant token unlock events.
In conclusion, the forthcoming week is pivotal for the cryptocurrency market, with the Wormhole token unlock event being the most critical. Investors are advised to stay informed and vigilant during this period.