SLX, we mentioned earlier that the July 9 unlock date would require caution. Today is that day, and the price has moved downward as expected.

Last month, on June 29, it was still at an all-time high of $0.66. Today it has dropped to around $0.17. In just 10 days, such a big decline—mainly driven by the selling pressure from unlocks.

Another detail today: the project team has been running daily airdrops to retain users, but once the airdrops ended, the first thing these people did was sell the tokens. This pressure combined with the unlock caused the price to drop nearly 30% today.

But this project is not a scam. It’s an on-chain yield protocol with a decent amount of managed assets and real users.

The problem is that only about 20% of the tokens are in circulation; the remaining 70%+ are still locked. More unlocks are coming in batches. Until this supply pressure is fully absorbed, the price cannot truly stabilize.

$0.17 is the most critical support level right now. Whether it holds today is very important.

If it holds, there could be a sentiment-driven rebound, with the upside target at $0.25.

If it doesn’t hold, there’s not much support below, and it could fall back to the initial low range around the token’s launch.#SLX $SLX