Could Sonic’s $74.59M token unlock lead to another 42% price dip?

Key Points

1. $74.59 million worth of S tokens were unlocked on July 5, increasing circulating supply by 7.39%.

2. DeFi investors reduced their exposure to S tokens, selling $37.9 million worth between July 3 and July 5.

3. Significant outflows were observed, with $427,000 moved from private wallets to exchanges over the past week, including $110,000 in the last 24 hours.

4. Long traders in the perpetuals market saw $182,800 in liquidations, indicating a heavily bearish market tilt.

5. Historical data from January's token unlock shows a 42.75% price decline over 16 days, suggesting a similar trend may occur now.