Major token unlocks for Aptos, Sandbox, and Arbitrum expected this week.
Potential price impacts: Aptos decline, Sandbox rise, Arbitrum recovery.
Bitcoin halving and on-chain data influence market sentiment.
This week, major cryptocurrencies like Aptos (APT), The Sandbox (SAND), and Arbitrum (ARB), are scheduled to undergo token unlocks, potentially influencing their market dynamics. These unlocks, slated for August 12th through 18th, 2024, are expected to release millions of dollars worth of tokens into the market.
đ Weekly Cliff Unlocks : 12-18 August 24 đđ„ $ 228.7m đ„đ Unlock Highlights đ$APT (2.40%) â $65.14m$SAND (9.00%) â $54.24m$ARB (2.77%) â $50.38m$STRK (3.95%) â $24.52m$ROSE (2.24%) â $9.60m$APE (2.31%) â $9.46m..( % of cir. supply) pic.twitter.com/WVZWA68hFi
â Token Unlocks (@Token_Unlocks) August 9, 2024
Aptos (APT) Unlock and Price Analysis
Aptos is set to unlock 2.40% of its circulating supply, amounting to $65.14 million. As of now, Aptos is trading at $5.71, with a 24-hour trading volume of $113,294,410. The token has seen a 4.84% increase in the last 24 hours, bringing its market cap to $2.69 billion. Aptos has a circulating supply of 470,811,334 APT coins.
However, Aptos could face a decline, potentially revisiting its all-time low of $3.09, which was last seen in December 2022. If market conditions improve, APT might recover and rise to $7.65, with the potential to reach a resistance level of $9.73. A breach above this level could push the token toward $12.00 by the end of the year.
The Sandbox (SAND) Unlock and Future Outlook
The Sandbox is expected to unlock 9.00% of its circulating supply, valued at $54.24 million. Currently, SAND is priced at $0.261956, with a 24-hour trading volume of $52,969,656. The token has risen by 2.74% in the last 24 hours, bringing its market cap to $598,367,993. The circulating supply of SAND stands at 2,284,231,926 coins.
Following the Bitcoin halving event, market analysts expect a positive trend in Sandboxâs price due to growing user sentiment and investor interest. Since Bitcoinâs performance often influences the broader crypto market, SAND could see its price rise to around $2 by the end of 2024.
Arbitrum (ARB) Unlock and Market Sentiment
Arbitrum is set to unlock 2.77% of its circulating supply, worth $50.38 million. The token is currently trading at $0.550100, with a 24-hour trading volume of $241,291,285. ARB has gained 6.31% in the last 24 hours, bringing its market cap to $1.84 billion. The circulating supply of ARB is 3,339,278,542 coins.
Moreover, the On Balance Volume (OBV) indicator shows that short-term holders are accumulating ARB, suggesting a potential price recovery. If this trend continues, ARB could rise higher than its previous all-time high, potentially reaching $3.89 before the end of 2024.
Starknet (STRK) Market Outlook
Starknet will release 3.95% of its circulating supply, valued at $24.52 million. Starknet is currently priced at $0.377259, with a 24-hour trading volume of $56,752,802. The token is slightly down by 0.11% in the last 24 hours, with a market cap of $611,147,231 and a circulating supply of 1,619,969,137 STRK coins.
If the bulls regain control, Starknet could break past the $1.4288 barrier, a level last seen on May 6. Overcoming this resistance might set STRK on a path toward its mid-March peak of $2.6712. On the flip side, if the bears maintain their grip, Starknet might retreat to its July low of $0.4527, seeking support to prepare for another upward attempt.
Oasis Network (ROSE) Performance
Oasis Network (ROSE) will unlock 2.24% of its circulating supply, worth $9.60 million. ROSE is trading at $0.062605, with a 24-hour trading volume of $11,892,707. The token is up 0.95% in the last 24 hours, bringing its market cap to $420,304,906.Â
The circulating supply of ROSE is 6,713,599,876 coins. Projections for ROSE in 2024 suggest that the price will likely maintain a baseline around $0.089, with a maximum of $0.13 and an average trading value of $0.11 throughout the year.
ApeCoin (APE) Future Projections
ApeCoin (APE) will unlock 2.31% of its circulating supply, valued at $9.46 million. APE is currently trading at $0.604141, with a 24-hour trading volume of $33,604,218. The token is up 1.82% in the last 24 hours, bringing its market cap to $365,442,346. The circulating supply of APE stands at 604,895,833 coins.
Changellyblog predicts that ApeCoinâs price might reach a maximum of $1.38 in September 2024. The forecasted average price for APE during this period is also expected to be around $1.38.
The post Crypto Token Unlocks August 2024: Market Impact and Forecast appeared first on Coin Edition.
