Token

Read

Avalanche

Daily

<ul>
 <li>The AVAX price is approaching the $40 mark, showcasing recent strong performance.</li>
 <li>Avalanche is scheduled to unlock $370 million worth of tokens on February 22, which could influence market dynamics.</li>
 <li>Investors are speculating on whether AVAX can sustain its rally above $40, considering the imminent token release and potential market pressure.</li>
</ul>
Avalanche (AVAX) has seen significant upward momentum recently, with its price inching closer to the $40 threshold. Within just 24 hours, <a href="https://www.tradingview.com/symbols/AVAXUSD/" rel="noopener noreferrer nofollow">AVAX</a> experienced an impressive 8% surge, highlighting its robust performance in the cryptocurrency market.&nbsp;
This surge comes on the heels of a broader trend where AVAX has been steadily climbing in value over the past week, reflecting a resilient market sentiment toward the altcoin. However, amidst this positive trajectory, investors are closely monitoring an upcoming event that could potentially impact AVAX’s price dynamics.&nbsp;
On February 22, Avalanche is set to unlock approximately $370 million worth of tokens, representing a considerable portion of AVAX’s total supply. This unlocking process will occur in four tranches, with varying amounts allocated to strategic partners, the foundation, the Avalanche team, and the wider market.
The impending token unlock has sparked speculation and uncertainty among investors regarding its potential effects on AVAX’s price trajectory. Historically, significant token unlocks have exerted downward pressure on cryptocurrency prices as newly available tokens flood the market, leading to increased selling activity.&nbsp;
As such, investors are questioning whether AVAX can sustain its rally above the $40 mark in the face of potential selling pressure induced by the unlocked tokens. Despite these concerns, indicators such as the Relative Strength Index (RSI) do not currently show any signs of a trend reversal, suggesting that bullish sentiment may persist in the short term.&nbsp;
<h4 class="wp-block-heading" id="h-read-also">Read also:</h4>
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/avalanches-potential-bounce-back-what-traders-should-know/" rel="noopener noreferrer nofollow">Avalanche’s Potential Bounce-Back: What Traders Should Know</a></li>
 <li><a href="https://cryptonewsland.com/avalanche-rocks-the-internet-with-105-surge-in-daily-users/" rel="noopener noreferrer nofollow">Avalanche Rocks the Internet with 105% Surge in Daily Users</a></li>
 <li><a href="https://cryptonewsland.com/token-unlockings-optimism-1inch-and-sui-tokens-to-be-unlocked-worth-millions/" rel="noopener noreferrer nofollow">Token Unlockings: Optimism, 1inch, and Sui Tokens to be Unlocked Worth Millions</a></li>
 <li><a href="https://cryptonewsland.com/avalanche-avax-poised-for-major-growth-predicting-a-surge-beyond-96-46-in-2024/" rel="noopener noreferrer nofollow">Avalanche AVAX Poised for Major Growth: Predicting a Surge Beyond $96.46 in 2024</a></li>
 <li><a href="https://cryptonewsland.com/upcoming-token-unlocks-by-tokenunlocks/" rel="noopener noreferrer nofollow">Upcoming Token Reveals by TokenUnlocks</a></li>
</ul>
The post <a href="https://cryptonewsland.com/avalanche-price-on-track-to-reclaim-40-despite-token-unlocking-concerns/" rel="noopener noreferrer nofollow">Avalanche Price on Track to Reclaim $40 Despite Token Unlocking Concerns</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.

Avalanche Price on Track to Reclaim $40 Despite Token Unlocking Concerns

Crypto News Land

Other articles published on Feb 10, 2024

Smart Tips for Making Profit with the RUNE Altcoin

Will AI in Media Production Replace Traditional Creative Roles?

Shiba Inu Burns 56 Million Tokens This Week; Burn Rate Surges by 130%

Dogecoin Accumulation Ends; Solana Sluggish; Shiba Inu’s Debut

Democratizing AI in Enterprises: Empowering Users with the Power of Technology

Bitcoin should replace the dollar

Join our free newsletter for daily crypto updates!