Could Sonic’s $74.59M token unlock lead to another 42% price dip?

S may experience further price decline in the coming trading sessions.

• $74.59 million worth of S tokens unlocked, raising circulating supply by 7.39%.
• Market participants have already begun selling the asset, adding downward pressure to its performance.

A major token unlock for Sonic [S] went live on the 5th of July—injecting $74.59 million worth of tokens into circulation.

According to DeFiLlama, this accounted for 5.17% of the total supply and 7.39% of the circulating supply.

The sudden increase in float raised concerns about a potential supply glut. Unless matched by proportional demand, the imbalance could trigger further downside across spot and derivatives markets.