The upcoming week is supposed to be noteworthy for the crypto enthusiast as $973 million worth of tokens are scheduled to be released through 8 major projects. This coincides with the macroeconomic data releases, which have the potential to influence market dynamics.
Major Token Unlocks
ENA Token: $ENA is set to release around $855.23 million worth of tokens, which is approximately 65.93% of the total circulating supply on March 5. These tokens are about to be divided among founding team members and private investors, which may result in potential sell pressure.
SUI Token: $SUI is speculated to release around $106.98 million worth of tokens, which is 1.24% of its circulating supply. Although 30.76% of tokens are already in the market, the release will be noteworthy on 3rd March.
NEON Token: NEON plans on releasing $4.12 million worth of tokens on March 7, making it 11.20% of its total circulating supply. This will make NEON’s 3/4th of total supply, circulation in the market.
Concurrent Macroeconomic Events
The March week of token release is coinciding with some notable economic data releases. The February Job Report/ Labour Statistics Job Report and White House Crypto Summit, plus the Federal Reserve policies, are scheduled for the same week. Due to the job report release on different days, it is expected to influence diverse sentiments across various sectors of classes.
Implications for Traders
Traders must closely evaluate the token releases, which has the potential to affect prices. Technical indicators like the Relative Strength Index (RSI) and Moving Averages can help provide insight into the market price movements.
Additionally, the collision of the 2 major events must be strategized seriously, as it will definitely impact the investors and traders in the long run.
