- Over $92 million worth of token unlocks are scheduled next week, led by ZRO at $51.91 million.
- ERA and MELANIA carry the highest relative market cap unlock pressure at 4.86% and 3.25%.
- Bitcoin dropped to $115K and Ethereum fell 5%, weighing on overall market sentiment.
This week will bring over $92 million worth of token unlocks across several major projects, according to CryptoRank.
LayerZero’s ZRO leads the pack with a $51.91 million unlock on August 20, representing 2.47% of its supply and more than 22% of its market cap. Kaito’s KAITO follows with $18.50 million unlocking the same day, equivalent to 1.67% of supply.
Massive Unlocking Events this Week
Other notable unlocks include zkSync’s ZK ($11.10 million), Plume Network’s PLUME ($10.24 million), ApeCoin’s APE ($9.62 million), Caldera’s ERA ($6.89 million), and meme token MELANIA ($4.82 million).
The unlocks vary in market cap impact. For example, ERA’s release will represent 4.86% of its market cap, while MELANIA’s event equals 3.25%.
On the other hand, APE’s unlock is smaller at 1.92% of market cap, though it adds pressure to a token already holding 87.9% unlocked supply.
This week could be just the start. Here’s our analysis on why the next few months to be a turning point for altcoin holders.
Market Conditions Add to Unlock Pressure
The timing of these unlocks comes as the broader crypto market trades under pressure. Bitcoin slipped to $115,000, while Ethereum shed nearly 5% in the past 24 hours, dragging major altcoins lower.
Despite this downturn, the Total 2 market cap chart suggests a potential bullish setup.
Rising Wedge Points to Breakout or Breakdown
The Total 2 daily chart reveals an ascending wedge pattern that has formed since May, with a market cap currently at $1.54 trillion. While price action has so far respected the wedge, the pattern typically precedes a breakdown, raising caution for traders.
Momentum indicators are mixed with the MACD showing weakening bullish momentum, while the Chaikin Money Flow (CMF) hovers near neutral, indicating slowed capital inflows but not yet bearish.
A breakdown from this wedge could see market cap fall back toward $1.40 trillion, while a breakout above $1.65 trillion resistance would signal renewed strength for altcoins.
With heavy unlocks scheduled next week and bearish sentiment pressuring the market, tokens like $ZRO, $KAITO, and $ZK may see increased volatility.
Altcoin resilience will hinge on whether the Total 2 chart confirms a breakdown or finds support to continue its multi-month uptrend. Traders will be closely watching $1.65 trillion as a make-or-break level for the broader altcoin market.
But are there bull signs? Despite the risks, a few indicators point to an altseason. Here are 5 signs we’ve been watching.
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