Akedo's Explosive Rally Tests Limits as Unlock Approaches

Akedo's price has skyrocketed by 300% over the past week, reaching $0.063 at its peak. The altcoin's value has also surged 53% in just 24 hours, with market capitalization exceeding $230 million. This impressive run began mid-July and continues unabated, with brief intervals of respite.

On September 21st, a total of 2.11 billion AKE tokens will be unlocked from the 100 billion total supply, representing 2.11% of the available coins. At current market prices, this unlock is worth approximately $127 million. Despite previous unlocks having little impact on the uptrend, some investors worry that selling pressure may soon emerge.

A technical analysis of AKE/USD charts shows a steady advance in buying pressure behind the altcoin, with the RSI occasionally entering overbought territory without halting the strong uptrend. However, with only 22% of the total supply in circulation, unlocks can and will put selling pressure on the market.

The short-term outlook for AKE appears uncertain, with some warning signs emerging from derivatives markets. The spot CVD has declined, alongside Open Interest, while the Funding Rate turned negative, indicating a shift towards anticipating a downward price move.