The crypto market is set for a turbulent week as major token unlocks worth over $340 million are scheduled to release into circulation. Investors in projects like Neon, Cardano (ADA), Solana (SOL), and Worldcoin (WLD) should be on guard as these releases could lead to increased volatility, presenting both opportunities and risks.
Neon Set for Major Token Release
Neon, an Ethereum-compatible parallel EVM project on the Solana network, is gearing up to release 53.91 million NEON tokens, valued at approximately $20 million. Scheduled from November 4 to 11, this unlock will add 44% of NEON’s supply to the market. Following a 90% drop in value over the past year, NEON faces potential price pressure as the additional supply could weigh on investor sentiment.
Cardano and Solana Token Unlocks
Cardano (ADA), with its wide investor base, will release 37 million tokens, worth over $12 million. Amid ongoing macroeconomic challenges, ADA’s increased supply may contribute to its current downtrend.
Meanwhile, Solana is expected to release one of the largest unlocks, with 524,000 SOL tokens valued at over $85 million entering the market. However, with Solana’s rising popularity in the web3 space, this release’s impact could be tempered by strong demand.
Worldcoin’s Token Unlock Could Add Pressure
Worldcoin (WLD) will release 37.2 million WLD tokens valued at around $65 million, adding 6.16% of its total supply to circulation. As WLD has lost 85% of its value this year, compared to Bitcoin’s 63% gain, this increased supply could further strain investor sentiment.
With these significant token unlocks potentially impacting the market, investors should remain vigilant, recalibrate their strategies, and prepare for heightened price volatility. Turkish NY Radio will keep you informed on how these events unfold and their impact on the broader crypto landscape.
