$5B Worth of Cryptocurrency Set to Unlock This Week, Promises Market Volatility as TIA, EIGEN, and SOL Lead the Event

Nearly $5 billion worth of cryptocurrency will be unlocked on October 24th, with major tokens like Celestia (TIA), EIGEN, and Solana (SOL) among the largest contributors.

Major cryptocurrency unlocks are set to inject nearly $5 billion of new tokens into the market on October 24th.

This large-scale unlocking event, as reported by Tokenomist, will see a significant release of Celestia (TIA), EIGEN, and Solana (SOL) tokens. Among these, TIA will lead the way with a massive $1.11 billion in tokens set to be unlocked.

As traders eagerly anticipate this event, especially in light of TIA's recent price performance, one trader has highlighted a potential target of $7 for TIA if the positive trend continues.

However, concerns arise regarding the high funding rates, likely driven by the upcoming unlock, which has prompted some traders to hedge their positions by shorting the token.

EIGEN, a decentralized autonomous organization (DAO), faces challenges following a $6 million hack and institutional sell-offs.

As EIGEN prepares to unlock $814.27 million in new tokens, the project has been grappling with a recent hack and subsequent sell-offs by venture capital firms, which have impacted the token's performance and investor sentiment.

After sharply decreasing from 4,888 to 3,500 within a short period, the number of EIGEN wallet holders has raised concerns among retail traders regarding the heavy institutional selling, which has reportedly left them feeling disillusioned.

Solana’s Total Value Locked Surpasses $6 Billion Ahead of SOL Token Unlock

Solana is set to unlock $342.84 million in SOL tokens, but this news has failed to dampen enthusiasm for Solana's growing decentralized finance (DeFi) ecosystem.

The network's Total Value Locked (TVL) has now surpassed the $6 billion mark, reaching its highest level since January 2022. This growth is attributed to the expanding ecosystem of Solana's DeFi projects rather than just the rising price of SOL itself.

Other substantial unlocks include WLD tokens, with $330.67 million to be released, and CHEEL tokens, valued at $277.38 million, adding to the liquidity in the crypto market next week.

Additionally, smaller tokens, collectively amounting to $2.09 billion in supply, will also be unlocked.

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