The Blur non-fungible token (NFT) marketplace has been gaining popularity, and on January 16, it unlocked 49.46 million coins, equivalent to about $32.55 million.
Although this influx of assets could typically lead to negative price reactions, BLUR defied expectations by experiencing a 15.55% surge in the previous day’s trading.
This marked the eighth time the NFT platform has unlocked coins, following a monthly pattern since June 15, 2023. Analytical metrics suggest that Blur is likely to undergo similar unlocking events in the future. The total supply of BLUR coins is 3 trillion, with only 1.3 trillion currently in circulation.
Despite concerns about increased supply and potential selling pressure, BLUR has consistently recorded price surges during each unlocking event. The altcoin saw a 15.94% gain in the past day, reaching $0.6758 at the time of this publication. Over the weekly and monthly charts, it surged by 45.55% and 52%, respectively.
Technical indicators indicate a potential continuation of BLUR’s upward momentum. The altcoin maintains its price above the 200EMA on the daily chart, and a bullish head & shoulder formation is evident on the 7-day timeframe. Sustaining this trend, especially in favorable conditions across the broader crypto market, could drive BLUR to $0.78 before potentially reaching $1.23.
While releasing more assets to the marketplace usually increases supply and introduces selling pressure, it’s worth noting that Blur’s unlocking primarily benefits investors, staff, and future employees rather than retail players. This dynamic may lead these individuals to sell their tokens, potentially causing substantial price declines for BLUR in the long term.
