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Oasis Network will have a token unlock event on 18th May of this year.
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The network will unlock tokens worth $10.7 million, equivalent to 2% of all tokens.
Oasis Network’s ROSE token moved sideways this week ahead of a major event in its ecosystem. ROSE was trading at $0.053, where it has been in the past few days. This price is about 11% above the lowest level this month.
Oasis Network token unlock
Oasis Network is a blockchain project that focuses on privacy in decentralized applications (dApps). It is an Ethereum rival that has lower transaction costs and faster speeds. As part of its ecosystem growth, Oasis has launched a $235 million ecosystem fund that makes it possible for people to build decentralized apps.
According to DeFi Llama, Oasis Network has a total value locked (TVL) of more than $6.8 million, which is lower than its all-time high of more than $250 million. In ROSE terms, the network has a TVL of over R123 million. The top dApps in Oasis Network are Fountain Protocol, YuzuSwap, and Lizard among others.
The challenge for Oasis is that it is facing substantial competition in the industry. Some of the top competitors are blockchains like Arbitrum, Ethereum, and Solana.
The most important Oasis Network news this week is the upcoming token unlocks. A token unlock happens when a blockchain releases some of its locked tokens to the market. It happens in a certain period that is pre-determined before the airdrop.
Oasis Network will unlock 199.5 million of ROSE tokens valued at over $10.7 million. That amount is equivalent to about 2% of the total tokens.
Today, there are 5.07 billion tokens in circulation. The number of unlocked tokens stands at over 2.58 billion tokens. If the program works, the total tokens will be unlocked in 2031. In most periods, tokens tend to drop before a major token unlock.
ROSE price prediction
The 4H chart shows that the Oasis Network token has been in a strong bearish trend in the past few weeks. It has already moved below the important support level at $0.057, the lowest level on April 26. This week, the pair has risen slightly and formed a symmetrical triangle pattern that is shown in blue.
The Relative Strength Index (RSI) has moved from the oversold level of 20.15 to above the neutral point. Therefore, there is a likelihood that the token will have a bearish breakout as sellers target this month’s low of $0.048.