Around $5 billion in cryptocurrencies, including TIA, EIGEN, and SOL, will be unlocked next week.
EIGEN is facing trouble from a $6 million hack and a major sell-off from venture capital funds.
Solana’s DeFi ecosystem has surpassed $6 billion in value locked (TVL), marking strong growth.

Nearly $5 billion in crypto will be unlocked on October 24, with major tokens like Celestia (TIA), EIGEN, and Solana (SOL) being major contributors. According to data from Tokenomist, TIA leads the event, releasing $1.11 billion worth of tokens into circulation.

This large-scale unlock has caught the attention of traders, especially those who have been closely monitoring TIA’s price movements. One trader commented that TIA has performed well, with a target price of $7 in the next few days if the positive trend continues. However, he also pointed out concerns about high funding rates, which could be affected by the upcoming unlock event, leading some traders to hedge their bets by shorting the token.

EIGEN Faces Challenges After Hack and Sell-Off

EIGEN is another major token that is about to be unlocked, with $814.27 million in new supply to be released. However, the project has been struggling due to a $6 million hack, which has shaken investor confidence. Additionally, on-chain data shows that venture capital funds have been dumping their tokens, exacerbating the situation.

The number of EIGEN wallet holders has plummeted from 4,888 to 3,500 in a short period of time. This heavy selling trend from institutional investors has left many retail traders disappointed, as they feel the promises of decentralized finance (DeFi) are not living up to expectations.

Solana's TVL Surpasses $6 Billion Despite Unlock

Solana is preparing to issue $342.84 million worth of SOL tokens, but that hasn’t dampened the excitement around its growing DeFi ecosystem. The Solana network’s total value locked (TVL) has now surpassed $6 billion, its highest level since January 2022.

This growth is largely attributed to the expansion of the DeFi project ecosystem on Solana, rather than solely based on the increase in the price of SOL.

Other tokens like WLD, which will issue $330.67 million, and CHEEL, which will unlock $277.38 million, will also add significant liquidity to the crypto market next week. Smaller tokens, totaling about $2.09 billion in supply, will also be unlocked.