It will come to the fore with an important event that cryptocurrency market investors should follow closely. Because tokens will be unlocked in many altcoins. This could potentially impact the market supply of three cryptocurrencies: Ethena (ENA coin), Galxe (GAL) and Hashflow (HFT). According to Coingape analysts, it may herald a bear market (downtrend) in the industry. According to information from the Token Unlocks application, these tokens will be unlocked in large quantities in the coming days, with a total value of approximately $ 58 million. Let’s take a closer look at three cryptocurrencies that are expecting a significant increase in supply pressure due to their token unlocks in the near future.
Bearish expectations for ENA coin
According to information provided by the Token Unlocks application, Ethena (ENA) will feel the impact of a $47 million token unlock. Tonight, 53.6 million ENA will be released, which is 3.62% of the circulating supply. According to analysts, this could lead to a significant change in Ethena’s price movements, as increased supply is often considered a bear market sign among investors. On the other hand, ENA price rose 2.69% in the last day and is currently trading at $0.8896. According to the data, the daily high and low levels are $0.8642 and $0.9075, respectively.
Selling pressure on Galxe (GAL) prices
Galxe (GAL) is facing a $7.32 million token unlock. According to the data, 2.03 million GAL, which is 1.76% of the circulating supply, will be unlocked on the night of June 5th. The price of GAL decreased by 2.77% in the last 24 hours, falling to $3.61. The day’s lows and highs are $3.61 and $3.78, respectively. As mentioned above, a significant increase in supply could potentially push the price into a decline.
Greater fluctuation in Hashflow (HFT) prices expected
The last cryptocurrency that investors will want to avoid trading this week is the HFT token. According to data, HFT will witness a token unlock of $3.96 million. At 00:00 UTC on June 7, 13.85 million HFT tokens will be unlocked, accounting for 3.41% of the circulating supply. This significant amount may bring more notable price movement. As of writing, the HFT token is trading at $0.2892 and has fallen 1.74% in the last day. The 24-hour low and high levels are $0.2891 and $0.2995 respectively.
Although token unlocks potentially signal a decline, cryptocurrency market experts are urging investors to remain cautious. Stating that market dynamics can be much more affected by the balance of supply and demand, experts recommend that investors also consider technical analysis and fundamental factors. In short, the unlocking of Ethena, Galxe and Hashflow tokens may cause a drop in the prices of these cryptocurrencies in the coming days. However, it should be noted that the market reaction depends on the balance of supply and demand. It is important that investors do not view this news as a single factor guiding their investment decisions and take other market dynamics into account as well.
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