Solana and Dogecoin face pressure as $250 million token unlocks begin
The $61.83 million unlock of Solana puts pressure on support near $130 as the RSI remains weak and the downward momentum continues.
Dogecoin risks falling below $0.145 amid a $14.69 million unlock and bearish signals from all major moving averages.
Market sentiment remains fragile with increasing supply, making key price supports in SOL and DOGE vulnerable to further decline.
Over $250 million in cryptocurrencies are scheduled to be unlocked in the coming week, with Solana (SOL) and Dogecoin (DOGE) attracting the most attention. According to Tokenomist and WuBlockchain, these linear unlocks could significantly impact market behavior due to the current price structures of both assets and bearish technical signals.
Solana is about to unlock tokens worth $61.83 million, equivalent to 465,770 SOL. The asset is currently trading near $134, which is just above a crucial support range around $130. The price action has already fallen below the 200-day exponential moving average, and the technical momentum remains weak. With the relative strength index (RSI) hovering in the low 30s, the asset shows signs of limited buying interest. Any further decline could take SOL into the $120 zone unless the price recovery surpasses the $150 mark.
The $14.69 million unlock of Dogecoin comes at a critical price level
Dogecoin will release 95.89 million tokens worth $14.69 million, a figure that comes while the asset is trading just above a key support zone at $0.145. Technical indicators show that the 50, 100, and 200 EMAs are all above the current price, reflecting a continued downtrend. The RSI is near 31, suggesting an oversold condition, but market conditions have yet to support a significant change. If support breaks, the price could return to levels close to $0.12.
AVAX is also scheduled for a token unlock of $11.65 million. However, the market's focus remains on DOGE and SOL due to their technical vulnerability. Analysts point out that although these unlocks are known in advance and may already be priced in, weak sentiment amplifies the downside risk. Market liquidity and buyer strength are insufficient, which could lead to sharper declines if trading volumes do not increase in response.
With low confidence in the cryptocurrency market, the increase in token circulation could drive short-term volatility. The coming days could test the strength of key support levels. Monitoring volume trends and price reactions will be essential as these unlocks occur.
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