Nearly $1B Worth of Tokens Set to Unlock in February: Key Dates and Projects

According to Alex Wacy, a DeFi research specialist, many projects will undergo token unlocking this February. For the unaccustomed, token unlocks refer to the release of previously restricted tokens into circulation.

One of the reasons for the activity is to ensure that supply meets demand for a cryptocurrency. A look at the unlocks showed that about $1 billion worth of different tokens would be released into circulation.

Furthermore, the post above showed that some top projects would also be involved. Some of the projects include Aptos (APT), Immutable (IMX), Sui (SUI), Sei Network (SEI), and Oasis Network (ROSE).

Aptos (APT)

Aptos’s next unlock would take place on February 12, and the value of the tokens set for release was worth $230 million at press time. Previous token unlocks have had little to no effect on APT’s price.

As of this writing, the price of APT was $8.77. From the 4-hour APT/USD chart, the support at $8.75 helped the token recover despite an initial fall.

Nevertheless, stiff resistance appeared at $9.10, which could halt APT’s upward movement. In terms of the short-term outlook, the Aroon indicator predicted a bearish move.

As of this writing, the Aroon Up (orange) was down to 35.71%. The Aroon Down (blue) climbed to 92.86%, confirming that bears had more authority than bulls.

Furthermore, the RSI showed that the bullish movement that was present between January 23 and 30 had waned. Going forward, APT’s price has the potential to drop to $8.20. In a highly bullish case, which seemed unlikely, the token might move up to $9.50.

Immutable (IMX)

IMX plans to unlock $70 million worth of tokens on February 23. In the last 24 hours, IMX has lost 4.64% of its value while trading at $1.93. Like APT, IMX’s 4-hour structure showed that the RSI reading increased around the time APT also jumped.

This momentum helped form an ascending channel, which propelled the price above $2. But IMX later became overbought. Hence, the momentum had become bearish at press time.

The MACD also confirmed it, as the reading went negative. Should buying pressure fail to appear, IMX might drop to $1.80, which is the next support zone.

IMX/USD 4-Hour Chart (Source: TradingView)

Sui (SUI)

SUI’s token unlock would be among the first out of the lot, and at press time, the unlocking was worth $100 million. According to Wacy, SUI’s price might produce high returns because this was its first year unlocking tokens, and historically, it has proven to happen.

SUI reached an all-time high (ATH) of $1.65 on January 30. But since then, profit-taking has plunged the price. At press time, SUI’s value was $1.46.

As for the direction, the +DI (green) showed that buyers’ dominance had decreased. The -DI (red), on the other hand, had been rising, signifying sellers’ entrance into the market.

If the -DI reading continues to increase and the ADX (yellow) remains above 25, then SUI’s price might drop.

SUI/USD 4-Hour Chart (Source: TradingView)

Furthermore, indications from the Fibonacci retracement showed that the token might pull back to the 0.5 or 0.618 levels. Should this be the case, entries for SUI might be around $1.25 and $1.32.

Sei (SEI)

Previous token unlocks involving SEI had a negligible impact on the price action. This time, the project is set to release $85 million on February 15.

For most of the last few days, SEI’s price has been decreasing. This was in contrast to how the token performed when it jumped from $0.23 to $0.88. The momentum displayed by the Awesome Oscillator (AO) showed that SEI was going through a quiet period at the expense of bulls.

As of this writing, the AO was -0.012, suggesting an increasing downward momentum. The Chaikin Money Flow (CMF) also supported the AO as it trended downward. From a technical point of view, SEI might not recover soon. Also, its price has the potential to drop to $0.55.

SEI/USD 4-Hour Chart (Source: TradingView)

Oasis Network (ROSE)

Oasis Network token unlocks seemed to be the lowest out of the five. This was because the value of the unlocks was worth $19 million, and it would take place on February 18.

At press time, ROSE changed hands at $0.0999. But details from the 4-hour chart showed that the price had fallen below the 9 and 20 EMAs. While the 9 EMA (blue) was $0.102, the 20 EMA (yellow) was $0.104.

ROSE/USD 4-Hour Chart (Source: TradingView)

This position implies that the trend was bearish. As such, ROSE’s price might continue its decline.