AltLayer Surges 5.71% Despite $2.55M Token Unlock

Over the week of April 21-27, a significant amount of token unlocks are scheduled, totaling over $17.8 million across five different crypto projects. This event is expected to have a notable impact on the market, as these tokens enter circulation and potentially influence prices.

Undeads Games (UDS) is at the forefront of this week's token unlocks, with a substantial release of nearly $11.5 million, representing over 20% of its circulating supply. The token's current price is $0.7754, reflecting a 1.18% decrease over the past 24 hours. The market sentiment for UDS is predominantly bearish, with consistent lower highs observed in its price action. Key support levels are identified near $0.7730, while resistance points are around $0.7780 and $0.7850. Despite a slight increase in trading volume, the overall market sentiment remains cautious due to the significant unlock.

Venom (VENOM) is also experiencing a token unlock, with $1.34 million worth of tokens set to be released, which is about half a percent of its supply. The token has seen a 2.44% decrease, bringing its price to $0.1267. The price action for VENOM indicates weakening momentum, with lower highs and a mid-day breakdown. The critical support zone is between $0.1245 and $0.1250, while major resistance is at $0.1300. The volume has dropped by 24.55%, suggesting reduced trader participation.

In contrast, AltLayer (ALT) is showing bullish signs despite its upcoming unlock of $2.55 million worth of tokens, which represents 3.32% of its circulating supply. The token has surged by 5.71%, reaching $0.02656. This rally defies the typical unlock-related dip and indicates strong buyer confidence. The breakout from the $0.02510 support level suggests a positive market sentiment. Resistance levels are now at $0.02670 and $0.02700. Interestingly, this rally occurred despite a 5% decline in daily trading volume.

Morphware (XMW) is another token that has shown strength despite its unlock of about $676,000 worth of tokens, which is 1.58% of its supply. The token experienced a 5.51% increase in a strong intraday rally, reaching a high of $0.0560 before settling at $0.05365. Support is held at $0.0530, with resistance near $0.0565. The volume surged nearly 68%, highlighting renewed interest despite the token release.

Hooked Protocol (HOOK) is the last on the list with a $465.67k unlock, representing 1.76% of its supply. It posted the strongest daily gain at 7.59%, closing at $0.1205. Strong demand supported the uptrend, especially above $0.1120. Immediate resistance lies at $0.1210, while $0.1170 could now flip to support.

In summary, while some tokens like UDS and VENOM are facing bearish trends due to significant unlocks, others like ALT, XMW, and HOOK are showing strength and rallying despite their upcoming unlocks. This week's token unlocks are expected to have a varied impact on the market, with some tokens experiencing price drops and others seeing gains. Traders and investors are closely monitoring these developments to make informed decisions.