according to the portal - By BH NEWS
This week, the altcoin market is bracing for turbulence as a significant token unlock worth over $250 million across 16 altcoins is imminent. Notable among them are Solana and Dogecoin, whose technical setups indicate potential vulnerability. Solana is set to release tokens worth $61.83 million, while Dogecoin follows with an unlock amounting to $14.69 million. These events could amplify selling pressure, already strong in the current unstable market conditions, further lowering the value of these altcoins.
Will Dogecoin be able to hold its positions?
Currently, Dogecoin is hovering at a critical support level of $0.145. Despite a slight short-term recovery, it remains below key resistance levels such as the 50-, 100-, and 200-day moving averages, indicating a prevailing bearish trend. With a relative strength index (RSI) at 31, the altcoin is in the oversold zone, suggesting a potential, albeit uncertain, technical rebound.
The upcoming release of 95.89 million DOGE tokens could critically impact Dogecoin's balance. If substantial buying interest does not emerge, this additional supply may push the token's value below the sensitive support level of $0.145, possibly dropping it to $0.12. A rapid price increase above $0.18 is necessary to prevent further devaluation scenarios.
Will Solana withstand the supply surge?
Solana faces significant challenges with the planned release of 465,770 SOL tokens worth $61.83 million. This influx creates the risk of more pronounced price declines. Solana, currently trading around $134 and lagging behind the 200-day EMA, struggles to maintain support around $130. An RSI of 30 and weak momentum increase Solana's price vulnerability.
If Solana fails to overcome the $150-155 range, accelerated selling pressure is likely, potentially leading to a drop to $120. Such a decline would not only impact SOL but could also trigger broader negative market sentiment across all altcoins.
Here are some critical points:
Over $250 million in altcoin unlocks across 16 tokens.
The Dogecoin unlock event could lead to a price drop below $0.145.
Solana is struggling below key support, at risk of falling to $120.
Additional unlocks are affecting altcoins like BLASK, ACX, and VENOM.
In light of these events, the altcoin market is likely to face increased volatility. With both technical and market sentiments under pressure, investors should remain vigilant, monitoring support levels and broader market signals to navigate this challenging phase effectively.
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