As these altcoins are about to unlock tokens, SUI, SOL, WLD, IMX, and Zeta are at risk of a major price crash.
Solana (SOL), Sui (SUI), Worldcoin (WLD), Immutable (IMX), and ZetaChain (ZETA) are five tokens that are at risk of a price crash before their main token unlock. This event usually creates a bearish outlook for tokens as it can lead to a huge selling pressure, with investors dumping their holdings on the market.
SUI, SOL, WLD, IMX and ZETA risk price plunge
These altcoins are at risk of a significant price drop as millions of dollars in unlocks are set to flood into their ecosystems. According to Token Unlocks, the total amount of unlocks facing these altcoins is over $329 million. These significant unlocks will take place between September 30 and October 6 and will create a supply shock for these tokens, potentially causing a price crash.
Sui’s token unlock is scheduled for October 1st
The next token unlock for the altcoin will take place on October 1, when 64.19 million SUI ($95.65 million) will be unlocked. These tokens represent 2.40% of SUI’s circulating supply, which could lead to potential market volatility for the altcoin.
However, SUI undoubtedly possesses bullish fundamentals, which could help mitigate any price crash the altcoin may suffer. The total value locked (TVL) on Sui Network exceeds $900 million, indicating that the altcoin is currently receiving a lot of attention from market participants.
Nearly $75 Million Will Flow Into Solana
524,030 SOL ($74.97 million) will be unlocked between September 23 and 30. Considering this is a linear unlock, it is unlikely to have much impact on the price of the cryptocurrency. In addition, these tokens only account for 0.11% of Solana's circulating supply.
At the same time, it is worth mentioning that the fundamentals of the network provide a positive outlook for SOL. These include the Frankendancer upgrade that went live on the mainnet last week. In addition, institutions such as Franklin Templeton and Citi are also adopting the network to provide new services.
Worldcoin unlocks $62.91 million worth of Liner Tokens
Like SOL, WLD will also unlock 37.23 million tokens linearly between September 23rd and 30th. However, unlike Solana, these tokens represent a large portion (8%) of Worldcoin’s circulating supply. 22.37 WLD (4.83% of circulating supply) will go to the community.
The sentiment of community members will ultimately determine whether they sell the tokens. Worldcoin has launched its World ID for the first time in Poland, a move that could boost investor confidence in the WLD token.
2% of Immutable circulating supply will be unlocked
32.47 million IMX tokens ($53.58 million) will be unlocked on October 4. This represents 2% of the altcoin’s circulating supply and could affect the cryptocurrency’s price after the unlocking event.
Immutable continues to lead the way in providing support for web3 games, which provides a bullish outlook for altcoins. Interestingly, the price of IMX has surged by more than 46% in the past seven days. However, potential investors may need to be careful as altcoins may experience price corrections after token unlocking.
ZETA is at risk of huge selling pressure
Of the five altcoins, ZETA faces the most selling pressure, with 53.89 million (13% of its circulating supply) set to be unlocked on October 1. In addition, 1.01 million will be unlocked linearly between September 23 and 30.
Like IMX, the altcoin has also seen massive growth over the past seven days, gaining over 30% during that period. ZETA’s bullish outlook stems from the progress Zetachain is making in facilitating blockchain interoperability.
