- AVAX could fall below $33 and fall below $1.90.
- Traders can try to buy the APT dip, but SEI and SUI are stuck.
This month, many projects will release new sets of tokens into circulation, according to data from Token Unlocks. Some of these projects include Avalanche [AVAX]Aptus [APT]Unchangeable [IMX]Sui [SUI]and Sei Network [SEI].
For context, token unlocking refers to the process of releasing previously locked tokens into circulation. This is done to balance the dynamics of supply and demand. When this happens, the prices of the tokens involved are sometimes affected.
AMBCrypto controlled the token unlocks website and found that the values of these unlocks varied from project to project.
According to the platform, Avalance would release $318.22 million worth of AVAX tokens. Additionally, Aptos’ token unlock will take place on February 12. At press time, the unlock was worth $230 million.
For IMX, it would unlock $70 million worth of tokens. SUI’s unlock is scheduled for the 3rd of this month, while SEI’s would be on the 15th.
AVAX and IMX see new lows
The price of AVAX at the time of writing was $33.35, indicating that the token had lost 22.82% of its value over the past 30 days. When AMBCrypto reviewed the on-chain metrics, we discovers that the jump had not deterred participants from believing in the project.
At the time of writing, the weighted sentiment around AVAX had moved into positive territory. This means that there was increasing optimism around the cryptocurrency.
Should this continue, buy orders around $33 could be profitable for investors who might consider holding the token for a few weeks or months.
Source: Santiment
For IMX, the 169.5% gain over the past 365 days has changed its tune. At the time of writing, the price was $1.95, representing a decline of 18.28% over 30 days.
According to Santiment, IMX’s exchange inflow was 8444. Exchange inflow is the number of tokens sent from non-exchange wallets to exchange wallets.
When it exceeds the outflow of the currency, it signifies selling pressure weighs heavier the buying side. A look at the outflow on the exchange showed that it amounted to 4554. With this disparity, IMX could deliver different price performance compared to AVAX.
In addition, the Relative Strength Index (RSI) on the 4-hour chart fell to 42.67. Should this value remain below the midpoint, the IMX could fall below $1.90 in the short term.
Source: Santiment
APT focuses on the moon
Previous Aptos unlocks have had little to no effect on price action. However, with its GameFi foundations, the token seems like one with huge long-term potential.
At the time of writing, APT’s price was $9.16. Unlike AVAX and IMX, this value was up 3.21% over the past 24 hours. This move suggests that APT does not always follow the broader altcoin trend as it sometimes disconnects from the market.
In terms of volume, data on chain showed that it is somewhat stagnant. But as the token’s unlock approaches, volume may increase as market participants may want to “sell the news.” In this expected situation, the price of APT could fall below $9. However, the fall could be a ‘buy the dip’ opportunity for those looking to HODL the token.
Meanwhile, Aptos’ development has been impressive lately. This increase implies that the project’s development team was shipping new use cases onto the network.
In terms of price action, the rise in development activity could be bullish. So, the price of APT after the token unlock has the potential to go up.
Source: Santiment
SUI and SEI: Birds of the same feather?
SUI’s token unlock could be worth $100 million if the price remains around the same as at the time of writing. It’s worth noting that this is the project’s first year of unlocking.
Historically, these types of seasons can portend higher returns. So, traders may want to keep an eye on the token.
Recently, the price of SUI reached an All-Time High (ATH) of $1.65. However, the value of the token had dropped to $1.46 at the time of writing. This decline could be related to profit taking and the recent market decline.
When it comes to inconstancyData about the chain showed that SUI was extreme. This implies that the price of the asset can rise much higher as buying pressure increases.
If the selling pressure continues, the value could also fall faster than is currently the case.
Source: Santiment
Like APT and AVAX, SEI’s previous unlocks did not have much effect on the token. But unlike last year’s performance, SEI was unusually quiet.
At the time of writing, SEI’s price is down 11/0.58% on a Year-To-Date (YTD) basis.
This decline has also affected market capitalization growth. At the time of writing, Sei Network’s market capitalization was $1.52 billion. This value led to the conclusion that as the price fell, the tokens involved in transactions followed suit.
Also AMBCrypto found it that social volume was also affected.
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Using data from Santiment, SEI’s social volume dropped to 27. This drop implied that the number of traders looking at and talking about the token has decreased.
Source: Santiment
When this happens, it indicates that the value could fall further. However, if the price continues to drop, this could be a good time to take advantage of the discounted prices.