Canton Network faces another $3.11M token unlock as open interest slips 9% 📉

Canton Network is scheduled to release approximately $3.11 million worth of CC tokens over the next 24 hours, adding new supply to a market that has struggled to hold support. The unlock follows a similar $3 million release completed the previous day, which was followed by a sharp price decline and renewed concerns about near-term selling pressure.

Open Interest in Canton Network [CC] has fallen sharply heading into the event, dropping 9% over the past 24 hours to $25 million. The decline indicated reduced institutional participation as the latest unlock approached, though Open Interest alone does not confirm whether traders shifted bearish or simply trimmed exposure. If demand fails to absorb the additional supply, retail selling pressure could weigh on prices.

Technical indicators have also pointed to weakness. CC recently broke below the lower boundary of a Bearish Flag pattern around $0.15, a structure often associated with trend continuation after consolidation. The token continues to trade below its key Exponential Moving Averages, suggesting bearish momentum has persisted. Until buyers reclaim those levels, rallies may face resistance from participants looking to exit positions or open new shorts.

Liquidation Heatmap data identified several liquidity clusters below the current price, areas that often attract price action as leveraged positions accumulate around them. Among those zones, $0.13 has been cited as a key support level traders are monitoring in the event selling pressure accelerates after the unlock. Token unlocks remain a closely watched metric because they directly raise Circulating Supply, and while not every release results in immediate selling, large increases over short periods often prompt caution. Rising Circulating Supply, weakening Open Interest, and a bearish technical setup could leave CC vulnerable in the near term, though the full market response to the upcoming unlock remains to be seen.