Massive Unlocking Event Approaches For AXS: Hike on the Horizon?

• Token Unlocks revealed that ASX worth more than $21 million will be unlocked in the next two days.
• Historically, unlock events have caused the price of AXS to rise.
• A significant medium-term bullish technical flag was on the verge of being triggered on AXS’ daily chart.

The tokenomics tracking dashboard, Token Unlocks, shared on Twitter earlier today that a huge unlocking event is on the horizon for Axie Infinity (AXS). According to the post, AXS is set to unlock 2.96% of its supply in just two days, which will likely be worth more than $21.8 million.

. $AXS is set to unlock 2.96% in just 2 days, which amounts to a staggering $21.82 million. @AxieInfinity

Looking back at the price impact of the last 5 unlocks from 12 months ago, we observed that the $AXS price rose during the unlock period, but then remained in a downtrend… pic.twitter.com/GtUZzkDHRS

— Token Unlocks (@Token_Unlocks) July 20, 2023

The magnitude of the unlocking event is impressive on its own, but it is also worth noting that over the past 5 token unlocks, AXS’s price rose during each unlocking period, according to Token Unlocks. There was, however, a downtrend shortly after the unlock…

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