The decline of Bitcoin has caused turmoil in the market.
The cryptocurrency market experienced another severe fluctuation in late June. Bitcoin fell sharply after reaching an all-time high of around $111,980 in May, with prices dropping below the $100,000 mark within 48 hours before the deadline, leading to a panic atmosphere in the market. This decline affected not only BTC but also dragged down several popular altcoins. In an environment where risk assets are under pressure, some projects still attract attention due to technical patterns or upcoming unlocking events.
Solana tokens worth over $250 million are about to be unlocked
Solana is set to release over $255 million worth of tokens in the near future. Such large-scale releases typically exert pressure on prices, especially when market sentiment is already bearish. Additionally, the total market capitalization of meme coins within the Solana ecosystem has recently plummeted from $12 billion to below $10 billion, highlighting a lack of overall confidence in the funding.
There is still a risk of further decline before Axelar is unlocked.
Axelar (AXL) has shown a significant downward trend over the past few weeks, with the price continuously falling from a high of around $0.64, currently breaking below the 50-day moving average, reaching a low of about $0.32. Technical analysis indicates a continued weak pattern, and if it cannot hold, the next support may be around $0.3. Recently, Axelar will unlock tokens worth about $5.4 million, accounting for approximately 1.57% of the circulating supply. Considering the current market sentiment and technical position, caution is still needed in the short term as the price may further decline. As a cross-chain protocol, Axelar’s core goal is to address interoperability issues between blockchains and was founded by former core members of Algorand. However, the recent price performance reflects that the market remains cautious about its short-term prospects.
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Summary
Despite the overall market still being in a volatile pattern, the fundamentals of individual projects and the upcoming events may bring new trading opportunities. The technical patterns and historical support zones of Solana are worth noting; Axelar, on the other hand, needs to be cautious of further pullback space. For investors pursuing short-term profits, it is essential to carefully assess the potential pressure brought by unlocking and whether the technical patterns have clearly turned strong before entering the market. One should not chase highs excessively due to short-term news. After the turbulence, whether it is a repair or an intensification of the downward trend still needs time to verify.
