In the cryptocurrency market, one of the key data points investors closely watch is token unlock events. According to the Token Unlocks platform, which closely monitors token unlocks, tokens worth $209.83 million will be unlocked in the next seven days. Tomorrow, the popular Layer-1 ecosystem Avalanche’s native token AVAX will have its token unlock event.
Avalanche Token Unlock Event
According to data provided by Token Unlocks, which shares token unlock events with its users, tokens worth $209.87 million will be unlocked next week, marking some of the largest token unlock events in recent times. Among these unlocks, the Layer-1 ecosystem Avalanche’s native token AVAX will have its token unlock event.
Tomorrow (August 20) at 03:00, the event will unlock tokens amounting to 2.41% of the total AVAX token supply, with a market value of $196.27 million. As the event approaches, investors are eagerly following the process, and at the time of writing, the AVAX token was trading at $20.57. The AVAX token unlock event is one of the most anticipated token unlocks in the coming days.
AVAX Chart Analysis
The daily AVAX chart shows a downward trend that has been ongoing since the second week of March. This decline from the $64 peak has caused concern among investors. The trend line acting as resistance during the July rise led to a loss of momentum in the AVAX price.
The most important support level to watch on the AVAX chart is the $19.51 level, which has played a significant role in recent weeks. A daily bar close below this level could cause the AVAX price to lose momentum again. The most crucial resistance level on the daily AVAX chart is $23.97. A daily bar close above this level would be an important stop for breaking the trend line at the $26 level.
