Avalanche On Verge of Token Unlock: Will Price Follow Bullish Metrics?

20. August 2023 Aus Von admin

• Avalanche (AVAX) is on the cusp of a token unlock, but the price has recently declined heavily.
• Network activity and key stats for AVAX have also been declining in recent weeks.
• Despite this, AVAX’s price rose during its previous unlocks, though it’s unclear if that will be the case this time around.

Avalanche Set to Unlock Tokens

Avalanche [AVAX] is set to unlock tokens soon, however its price has taken a hit recently. This could be concerning for investors due to the upcoming token unlock.

Network Activity Declining

The blockchain’s network activity has seen a decline over the last 30 days, including daily active addresses and daily transactions dropping until 12 August when an uptick was seen. The Total Value Locked (TVL) also decreased significantly as well as Avalanche’s revenue and fees going down. Despite all these metrics turning bearish, AVAX still managed to remain above $10 with a market capitalization of over $3.6 billion at press time.

Upcoming Token Unlock Worth $102 Million

Token Unlocks reported that AVAX is set to unlock 2.77% worth roughly $102 million in the next eight days which would increase its circulating supply substantially and possibly cause another drop in its price value following past trends when similar token unlocks took place before it..

Bearish Sentiment Rising Around AVAX

LunarCrush data indicated that bearish sentiment around AVAX surged by 63% in just two days back on 11 August, implying more people were expecting a further drop in its prices despite it being traded at over $10 at press time..

Outlook Uncertain Moving Forward

The outlook moving forward for Avalanche remains uncertain considering all indicators are pointing towards a potential drop in its prices after its upcoming token unlock although it defied expectations during previous unlocks by rising instead of falling afterwards..