SUI, SOL, WLD, IMX, ZETA Set for Price Drop as Major Unlocks Approach
crypto-news-flash.com 24 September 2024 04:21, UTC - SUI, SOL, WLD, IMX, and ZETA face potential price drops as $329 million worth of token unlocks could flood the market.
- ZetaChain and Sui are most at risk for sell pressure, though strong fundamentals may support price resilience for some tokens.
As a follow-up to the Hours Left in Rate Cut Announcement of SUI, Solana, and DTX Exchange hitting record volume in CNF’s recent update, the crypto markets for Solana (SOL), Sui (SUI), Worldcoin (WLD), Immutable (IMX), and ZetaChain (ZETA) are facing the risk of a price drop as major token unlock events approach.
Furthermore, according to Token Unlocks data, these altcoins could see significant price drops due to the upcoming token unlocks, which amount to over $329 million combined. The unlocks are scheduled between September 30 and October 6, potentially flooding the market with tokens and triggering a supply shock that could result in a price crash.
Sui’s Token Unlock on October 1
On October 1, Sui will unlock 64.19 million SUI tokens, valued at $95.65 million. These tokens represent 2.4% of the altcoin’s circulating supply, which could lead to increased volatility. Despite this, Sui’s strong fundamentals, including a total value locked (TVL) of over $900 million, may cushion the potential price dip.
Solana Unlocks $75 Million in Tokens
Between September 23 and 30, Solana will unlock 524,030 SOL tokens worth $74.97 million. As this is a linear unlock and only represents 0.11% of its circulating supply, the impact on SOL’s price might be less severe. Moreover, Solana’s recent Frankendancer upgrade and adoption by institutions like Franklin Templeton and Citi support a bullish outlook for the coin.
As of today, Solana (SOL) is trading at $143.64, experiencing a low of 0.76% in the past day and surging by 10.04% in the past week. See the SOL price chart below.
Whether investors choose to hold or sell their WLD tokens will likely dictate the token’s price movement. However, Worldcoin’s expansion in Poland with its World ID launch could boost confidence in the project.
Immutable’s 2% Supply Unlock
On October 4, Immutable will release 32.47 million IMX tokens, valued at $53.58 million, which account for 2% of its circulating supply. Although the token has seen a 46% price increase in the last week, investors may need to brace for a possible price correction after the unlock.
ZetaChain Faces Strong Sell Pressure
Finally, ZetaChain is at the highest risk of sell pressure, with 53.89 million tokens, or 13% of its circulating supply, set to be unlocked on October 1. An additional 1.01 million tokens will be released linearly between September 23 and 30.
Despite this, ZETA has surged over 30% in the last week, thanks to its progress in blockchain interoperability, which supports a positive outlook for the coin.
