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A massive $108 million worth will unlock between January 20th and January 26th. This comes as the digital asset sector recovers from last week’s sell-off. The unlocking is led by Immutable (IMX), a layer-two scaling solution for NFTs on Ethereum, and Altlayer (ALT), a decentralized protocol for rollups.
According to a post on X (formerly Twitter) by Tokenomist (previously known as TokenUnlocks), the $108 million worth of unlockings will begin with ApeX (APEX) on January 20th. A significant 10 million APEX tokens (18.71% of circulating supply) worth $18.80 million will be unlocked alongside $1.06 million worth of Galxe (GAL) tokens.
Related: Crypto Market Sentiment Turns Bullish as BTC and XRP Surge
On January 21st, over $4.33 million worth of EigenLayer (EIGEN) tokens (0.55% of circulating supply) will be released. Then, on January 22nd, 18.49 million Space ID (ID) tokens (4.29% of circulating supply) worth $8.14 million will unlock. On the same day, 12.86 million Ethena (ENA) tokens (0.42% of circulating supply) worth $12.11 million will also hit the market.
Finally, on January 24th, 24.52 million IMX tokens worth a whopping $33.59 million will unlock, followed by 240.10 million ALT worth $24.38 million on the very next day. $1.44 million worth of Venom (VENOM) will also hit the market on the same day.
Altcoin Market Cap Analysis
While the $108 million token unlocking events could put bearish pressure on the price action of these altcoins, the broader trend remains bullish. If buying volumes remain high, the selling pressure from these unlockings could be overpowered.
The weekly chart for the market cap of cryptocurrencies other than Bitcoin and Ether above confirms that the uptrend for the sector will continue in the long term. The RSI line reads a value of 65.91, which means that the buyers are overwhelming the sellers, while the gradient of the line suggests that higher numbers are very likely.
Meanwhile, the MACD indicator remains bullish, with the MACD line (blue) continuing above the signal line (red). The intensity of the MACD histogram is also rising gradually.
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