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- Increased demand for ALT might push the price back up to $0.46 after the unlock.
- MANTA might hit $3.50 while APT’s price might rise higher than $9.
- OP might continue trading sideways within the $3 to $3.25 range.
This month, several projects including Altlayer (ALT), Manta Network (MANTA), Aptos (APT), and Optimism (OP) plan to release more tokens into circulation. According to information from token unlocks, $25 million worth of ALT tokens will be unlocked on February 25.
MANTA’ token unlock would be worth $51 million, and would happen on February 18. In Aptos’ case, the unlocked tokens were worth $210 million at press time and would take place on February 12. OP’s token unlock is set at $77 million and is scheduled to happen on February 29.
Unlocking tokens usually impact the overall market dynamics, including price, volume, and liquidity. In this case, it might not be any different.
Altlayer (ALT)
ALT is a relatively new token. Since its launch, CoinMarketCap showed that the price has increased by 15.50%. However, recent movements in the last seven days have seen ALT move downward from $0.45 to $0.32.
From the 1-hour ALT/USDT chart, the RSI had jumped to 65.34, suggesting that the bulls were buying the token. However, the Fibonacci extension indicators showed that ALT might offer better buying opportunities.
At press time, the 1.618 Fib level was at $0.25. Thus, if Altlayer releases more tokens, the price could drop to $0.25 because of the increase in supply. But if demand for ALT increases afterward, the token might restest $0.46.
ALT/USDT 1-Hour Chart (Source: TradingView)
Manta Network (MANTA)
Like Altlayer, MANTA is also a new project that has gained traction in the market for a while. Previously, Coin Edition reported how the token surged but later tumbled.
At press time, the price was $2.82. But the 2-hour chart showed that MANTA showed signals that it could break out soon. If demand for MANTA increases, the price might rise to $3.50.
But that would depend on the signals displayed by the Awesome Oscillator (AO). At press time, the AO was -0.17, indicating increasing downward momentum. However, green bars had appeared on the AO, suggesting that that price action might be in favor of bulls.
MANTA/USD 2-Hour Chart (Source: TradingView)
If buying pressure increases leading to the token unlock, MANTA might close in on $4. But when the tokens are unlocked, a pullback toward $3 might be possible.
Aptos (APT)
APT started the year around $11.11. But at press time, the value had decreased to $8.99, suggesting that market participants had taken profit from previous hikes.
Based on the 4-hour chart, the APT/USD chart showed the 20 EMA (blue) and (50 EMA) had risen above APT’s price. This trend is considered bearish. Thus, APT might drop as low as $8.50 in the short term.
Furthermore, the aftermath of previous token unlocks has favored a price rise for APT. Therefore, an upswing might be likely for the token after the scheduled event.
APT/USD 4-Hour Chart (Source: TradingView)
Optimism (OP)
The OP/USD 4-hour chart showed that the token has been able to reclaim the $3.05 level. Also, indications from the RSI revealed that the price could go higher. This was because the RSI had reached 58.65, confirming that bears were not in control of the price direction.
OP/USD 4-Hour Chart (Source: TradingView)
However, a look at the On Balance Volume (OBV) showed that the buying pressure had stalled. Should this remain the case, OP might continue swinging between $3.00 and $3.15.
The post Major Token Unlocks for ALT, MANTA, APT, and OP Could Impact Prices appeared first on Coin Edition.