Today marks a crucial phase for WhiteBIT (WBT) as it releases more than 39 million tokens worth around $1.19 billion. These tokens will be directed to WhiteBIT Funds, and traders are closely observing any potential market reactions.

Despite the significance of this event, WBT has shown weaker price performance in comparison to other exchange tokens in the past week. While there is stability in key support and technical indicators indicate consolidation, the next few days will be crucial in determining whether WBT will experience an upward breakthrough or encounter renewed selling pressure.

WhiteBIT is anticipating the unlocking of tokens valued at $1.19 billion, a move that has traders attentively monitoring the market for any impact on prices or distribution activities.

Although WBT has seen a 6.5% increase over the previous seven days, its performance trails behind that of other exchange-related tokens. Investors are cautious, as significant token unlocks often bring about heightened volatility and potential selling pressures.

Compared to its peers, WBT is noticeably underperforming. While Binance Coin (BNB) is up 10%, Bitget Token (BGB) has gained 9.4%, Cronos (CRO) rose by 15%, and Uniswap (UNI) surged by an impressive 40% within the same timeframe. This underperformance may suggest a lack of strong momentum or investor confidence leading up to the token unlock.

WhiteBIT's Relative Strength Index (RSI) has dipped to 57.25 from a recent high of 77.57, indicating a slowdown in momentum just before the token unlock. This could imply that the recent price rally is losing steam, although there remains potential for another upward move should sentiment improve post-unlock.

The Ichimoku Cloud for WhiteBIT displays a neutral-to-bullish formation, with price action currently above the cloud, a typically bullish signal. The flat and closely aligned blue line (Tenkan-sen) and red line (Kijun-sen) suggest consolidation and a lack of short-term momentum.

WhiteBIT is currently maintaining near its all-time highs, showing resilience despite four days of price consolidation. The $30.06 level has acted as a pivotal support, holding off downward pressure thus far. If tested again and broken, downside targets include $29.40 and $28.86, with further levels at $28.10 and $27.56 in case selling pressure increases.

Alternatively, a break above the current consolidation range may trigger a new rally. With growing bullish momentum, WBT could surpass $31 and potentially reach the $32 mark.