Ethereum L2 unlocks could test ARB and ZK, yet charts show strength | Credit: Hameem Sarwar
Share
Key Takeaways
Arbitrum (ARB) will unlock $47.78 million in tokens on Aug. 16, consolidating in a bullish pennant.
ZKsync (ZK) will release $11 million in tokens on Aug. 17, showing bullish divergence and positive MACD.
ARB and ZK prices are closely tied to ETH’s performance, with a new all-time high likely to boost gains.
Ethereum Layer-2 (L2) altcoins are bracing for a high-stakes weekend, with $58 million worth of tokens set to flood the market. In the past, such unlocks have triggered sharp sell-offs and opportunistic accumulation — moments that savvy traders watch closely.
This time, though, the outlook isn’t as grim. Early indicators suggest these Ethereum L2 tokens may dodge heavy downside pressure. In this analysis, CCN breaks down what’s driving that resilience and what traders should expect once the tokens unlock.
Arbitrum (ARB)
Kicking off this weekend’s Ethereum L2 unlocks is Arbitrum. On Aug. 16, the project will release 92.65 million ARB tokens into circulation — a haul worth about $47.78 million at current prices.
These tokens represent 2.04% of the circulating supply. At press time, ARB trades at $0.51 after initially reaching $0.58 on Thursday, Aug. 14.
Try Our Recommended Crypto Exchanges
Sponsored
Disclosure
We sometimes use affiliate links in our content, when clicking on those we might receive a commission at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy.
Despite the recent dip, Arbitrum’s price doesn’t appear set for a prolonged correction. On the 4-hour chart, ARB consolidates within a bullish pennant, a continuation pattern that precedes an upside breakout.
As seen below, the token tests the pennant’s upper boundary. If buyers push the price above the pennant’s upper trendline with substantial volume, ARB could quickly target the recent swing high around $0.75.
In addition, the Chaikin Money Flow (CMF) has held above the zero signal line. If sustained, this could allow ARB to reach the $1 range.
However, if the pattern fails and price slips below the pennant’s support, it could retest the $0.48 zone before finding a new base.
ZKsync (ZK)
Next up in the Ethereum L2 tokens unlock lineup is ZK, the native cryptocurrency of the ZKsync protocol. Unlike Arbitrum’s optimistic rollup approach, zkSync leverages zero-knowledge rollups to boost scalability and privacy.
On Aug. 17, zkSync will release 173.08 million ZK tokens — about 3.61% of its circulating supply — into the market. At current prices, the unlock is valued at roughly $11 million.
ZK trades around $0.64 — up 15% in the past week. Despite still sitting about 80% below its all-time high, the daily chart suggests the token could see further upside in the weeks ahead.
While ZK’s price has pulled back recently, the daily chart reveals a bullish divergence. The Moving Average Convergence Divergence (MACD) remains positive, signaling that the underlying momentum hasn’t entirely faded.
Should this trend remain the same, the altcoin’s value might break the resistance at $0.085. The token might bounce toward $0.11 at the 0.618 golden pocket ratio if that happens.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
