Most altcoins that spend eight months trapped in a tight range never reclaim their previous highs, even when bullish unlocks are around the corner.
You've probably been sitting on a ranging bag like this, watching it chop while $BTC rips, wondering if you should just cut losses or keep hoping the next catalyst saves you from more drawdown.
$XPL has been stuck in this same range for almost eight months, though we're seeing some decent moves today. I'm holding a spot position looking at those upcoming unlocks in a few days as a potential catalyst, but this is strictly a medium timeframe trade. No one's expecting a run back to $1 anytime soon, and that's the reality check most people skip.
The problem with so-called bullish unlocks is they increase circulating supply right when demand is already weak in a ranging market. We've watched this movie with tokens across the $ETH ecosystem where early backers dump into any strength. Today's bounce might just be setting up a liquidity grab before the real pressure hits after the unlock.
If it fails to break out, you could be looking at another long stretch of dead money and opportunity cost while better setups elsewhere keep running. These rangebound plays look quiet until they suddenly aren't.
Where do you think this goes once the unlocks hit?
#XPL #TokenUnlocks #AltcoinRisks
You've probably been sitting on a ranging bag like this, watching it chop while $BTC rips, wondering if you should just cut losses or keep hoping the next catalyst saves you from more drawdown.
$XPL has been stuck in this same range for almost eight months, though we're seeing some decent moves today. I'm holding a spot position looking at those upcoming unlocks in a few days as a potential catalyst, but this is strictly a medium timeframe trade. No one's expecting a run back to $1 anytime soon, and that's the reality check most people skip.
The problem with so-called bullish unlocks is they increase circulating supply right when demand is already weak in a ranging market. We've watched this movie with tokens across the $ETH ecosystem where early backers dump into any strength. Today's bounce might just be setting up a liquidity grab before the real pressure hits after the unlock.
If it fails to break out, you could be looking at another long stretch of dead money and opportunity cost while better setups elsewhere keep running. These rangebound plays look quiet until they suddenly aren't.
Where do you think this goes once the unlocks hit?
#XPL #TokenUnlocks #AltcoinRisks
