LAYER’s token unlock and increasing emission may have played a part in a whale exiting its significant position.

While the LAYER price is technically still in wave four, the shape of the decline and the negative news cast doubt on whether the rally can continue.

A breakdown from the ascending parallel channel could cause LAYER to crash to new lows.The LAYER price has increased rapidly since April 9, when it broke out of an ascending parallel channel.

Solayer’s increase led to a new all-time high price of $3.41 on May 5. As predicted last week, the LAYER price crashed after the high.

As long as the price trades inside the channel, it allows for a fourth-wave pullback and a new high.