Blur Token Unlock Sparks Volatility as BLUR Price Drops 10%

• Blur’s monthly token unlocks contribute to bearish market pressure and price decline.
• The price struggles at $0.35 resistance, with $0.32 support testing for stability.
• Momentum indicators suggest Blur is nearing oversold conditions but remains bearish.

Blur, the decentralized NFT marketplace, saw significant market activity following its monthly token unlock. This month, 34.41 million BLUR tokens, worth about $11.06 million, were unlocked and transferred to Coinbase Prime.

Since the unlocking cycle began on June 15, 2023, roughly 31.6% of the total BLUR supply (949 million tokens) has entered Coinbase Prime. This equals $323.1 million at the current transfer value. This continuous token unlocking influences BLUR’s market behavior, which shows a downward trend.

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