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Major sell-off incoming: This crypto will unlock $120 million in tokens

Major sell-off incoming: This crypto will unlock $120 million in tokens

Space ID (ID) has a challenging week ahead with a potential sell-off of $123 million worth of tokens. Meanwhile, ID was recently mentioned in Finbold’s sell signal due to an overbought status.

Space ID’s smart contracts will unlock 78.49 million ID worth $123.22 million on March 22, at noon (UTC). Finbold retrieved this data from TokenUnlocksApp on March 20. The project is a domain register and exchange protocol competing with Ethereum Name Service (ENS).

Notably, Space ID dominates the platform’s total cliff unlocks of $226.95 million for the next seven days by over 54%.

Cliff unlocks the next 7D: Space ID (ID). Source: TokenUnlocksApp

In particular, this massive unlock amounts to 16% of the token’s current circulating supply of 485.73 million ID. Additionally, it is 17 times larger than the 30-day exchange volume of $7.13 billion, according to CoinMarketCap.

Space ID (ID) market data. Source: CoinMarketCap

Space ID token sell-off distribution

As for the distribution, Space ID’s team will receive 40.99 million ID tokens, or 52% of the total unlocked. This distribution will be split among ‘Ecosystem Fund,’ the ‘Foundation,’ ‘Strategic Sales,’ ‘Marketing,’ and the ‘Team.’

Furthermore, ‘Seed Sale’ and ‘Advisors’ will increase their stash by 20 million and 11.67 million IDs, respectively. This will open for a future sell-off threat of over $49.72 million by these entities alone.

However, the most liquid unlock will be 5.83 million IDs ($9.16 million) for community airdrop.

March 21 ID unlock distribution. Source: TokenUnlocksApp

Space ID price analysis

In the meantime, Space ID is trading at $1.58 per token, up nearly 465% since a price of $0.28 on February 7. ID has seen a remarkable performance in less than two months, which now threatens to retrace.

Additionally, the daily Relative Strength Index (RSI) points to a sustained overbought status for a long period. In the event of a correction, Space ID could test resistance in the $0.60 region.

Space ID (ID) daily chart. Source: TradingView (Finbold)

All things considered, there is an imminent sell-off to Space ID after an impressive 2-month performance. Investors could see losses of around 60% if the token visits a price resistance at $0.60. This is a likely scenario considering a massive token unlock, weighted by the asset’s market cap and 30-day volume.

Cryptocurrency traders must be cautious moving forward and observe further price action of ID, which might suffer from huge volatility.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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