In the cryptocurrency market, one of the most closely followed data points by investors is undoubtedly token unlock events. According to the Token Unlocks platform, $212.86 million worth of tokens will be unlocked next week. Tomorrow, the token unlock event for Wormhole’s native token W in the Solana ecosystem is a significant event to watch.
Wormhole Token Unlock Event
Token Unlocks platform data indicates that $212.86 million worth of tokens will be unlocked in the cryptocurrency market next week, with the largest event being the $143.64 million unlock of Wormhole’s native token W.
The event, which will take place tomorrow (August 3) at 14:30, involves a token amount equivalent to 33.33% of the total W token supply. As the event approaches, investors are eagerly waiting, and at the time of writing, the W token was trading at $0.239. The W token unlock event is the most valuable token unlock event of the week.
W Chart Analysis
The most notable aspect of the daily W chart is the selling pressure, which has caused the token price to trade at its lowest levels since the launch. This selling pressure can be attributed to processes experienced in altcoin projects and user disappointment during the project’s airdrop event.
The most important support level on the daily W chart is $0.2261. This level has been tested three times so far, but the daily bar has not closed below this level. A daily bar close below this level could cause the W price to drop.
The most important resistance levels to watch on the W chart are $0.2663 and $0.3576. A daily bar close above the $0.2663 level, which corresponds to the EMA 9 average, will allow the W price to gain momentum.
