Avalanche To Unleash 9.5 Million Tokens, Traders Brace For Impact
03 Februar 2024 - 7:30PM
NEWSBTC
Avalanche, the blockchain platform poised for a major event in the
month of love, is gearing up for a significant development. As
February unfolds, the cryptocurrency market is anticipating the
release of nearly $900 million worth of vested tokens from a
diverse array of projects. This imminent influx into the market has
sparked a wave of concerns among investors who are closely watching
the unfolding scenario. Projects involved in this token release
include Avalanche (AVAX), Aptos (APT), The Sandbox (SAND), Optimism
(OP), and SUI. Avalanche is strategically targeting strategic
partners, team members, and an airdrop to maintain a balance
between long-term commitment and potential short-term sell-offs.
Related Reading: Dogecoin Orbit Expands: Over 890,000 New Addresses
Join DOGE Community Avalanche Braces For Major Token Release
Scheduled for release on February 22, Avalanche is set to unleash
9.5 million tokens valued at approximately $320 million. Similarly,
Aptos is gearing up to release 24.8 million tokens worth around
$233 million on February 11. The distribution strategy for Aptos
aims to ensure market stability while fostering community
involvement. The impending release of these vested tokens has put
the crypto community on high alert. Investors and analysts are
closely monitoring the developments with a mix of excitement and
caution. While anticipation surrounds the token releases, there is
also a sense of vigilance as market participants evaluate how the
surge in supply might impact project valuations and overall
stability. Avalanche currently trading at $35.76 on the daily
chart: TradingView.com Navigating A Potential Correction Phase:
AVAX Price Analysis Avalanche (AVAX) has recently caught the
attention of the market with an impressive price performance,
boasting a remarkable 470% increase after breaking through its bear
market descending trendline on November 1. Recent analyses suggest
that AVAX is currently facing resistance at a descending trendline
from the December high, which could lead to a price rejection and
subsequent decrease. If this correction signifies the commencement
of a lasting bull phase for Avalanche, support levels around $20,
aligning with the 0.5 to 0.618 Fibonacci retracement levels, may
come into play. Following this correction phase, AVAX could
potentially embark on a new uptrend, surpassing its all-time high.
Image source: DefiLlama Meanwhile, AVAX has grown exponentially in
the last year, and according to DeFiLlama data, it is now the
sixth-largest DeFi chain. An artificial intelligence (AI) based
price prediction model has predicted that the AVAX token’s price
would soar by more than 500% from its present levels, reaching
over $200 by the beginning of 2025. Related Reading: Chainlink
Price Surge Powers Altcoin Market, Bulls Aim For $20 Target
Previous AVAX Unlock And Its Impact On The Market It’s crucial to
note that AVAX’s previous token unlock on November 23 did not cause
significant price fluctuations. However, in the anticipation
leading up to the unlock, the price experienced a 16% fall from
nearly $23 on November 20 to $19 at the tokens’ release. This
historical precedent underscores the importance of closely
monitoring market dynamics during token release events. Market
participants should exercise caution and carefully consider the
potential impact of these developments on their investment
strategies. Featured image from Adobe Stock, chart from TradingView
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