One of the data points that investors in the crypto market closely follow is token unlock events. According to the Token Unlocks platform, which keeps a close eye on token unlocks, tokens worth $240.11 million will be unlocked in the next seven days. Tomorrow, the unlock event for the native token GAL of the Galxe platform is an event that should be closely monitored.
Final Hours Before the GAL Token Unlock
According to data provided by Token Unlocks, which shares token unlock events with its users, token unlocks worth $240.11 million will occur next week, marking some of the largest token unlock events in recent times. Among these unlocks, the native token GAL of the Galxe platform holds significant importance.
The event, which will take place tomorrow (February 5) at 03:00, involves an amount of GAL tokens that corresponds to 5.76% of the total supply of GAL tokens and has a market value of $9.76 million. With just hours left for the event, investors are eagerly following the process, and at the time of writing, the GAL token was trading at $1.89. The GAL token unlock event is one of the most notable in the coming days.
GAL Chart Analysis
The first notable formation structure in the daily GAL chart is the rising channel formation. In this formation, the breakdowns of support and resistance have led to bear and bull traps, causing many investors to make incorrect decisions. The EMA 21 (blue line) level acting as support in the last bar formation is a noteworthy factor that suggests a positive scenario for the GAL token.
The most important support levels to watch on the daily chart for GAL are; $1.80, $1.72, and $1.65, respectively. Particularly, a daily bar close below the $1.72 level, which intersects with the formation support line, could lead to selling pressure for GAL.
The most important resistance levels to watch on the daily chart for GAL are; $1.97, $2.08, and $2.20, respectively. Especially, a daily bar close above the $1.97 level, which has been a major obstacle in the recent upward momentum, will help the GAL price to gain momentum.
