計劃下週（2025年5月19日至25日）進行幾個重要的令牌解鎖，可能會影響市場價格和投資者的情緒。

當大量先前鎖定的令牌被釋放到流通中時，它會觸發銷售壓力並增加市場波動。

Several significant token unlocks are scheduled to take place next week (May 19-25), potentially affecting market prices and investor sentiment.

計劃下週（5月19日至25日）進行幾個重要的令牌解鎖，可能會影響市場價格和投資者的情緒。

When a large number of previously locked tokens are released into circulation, it can trigger selling pressure and increase market volatility.

當大量先前鎖定的令牌被釋放到流通中時，它會觸發銷售壓力並增加市場波動。

Traders, especially long-term investors, are advised to closely monitor this key opening to assess possible price movements and market dynamics.

建議商人，尤其是長期投資者，密切監視此關鍵開放，以評估可能的價格變動和市場動態。

On May 19, Polyhedra Network will unlock 15.5 million ZKJ tokens, valued at about $33 million.

5月19日，Polyhedra Network將解鎖1550萬個ZKJ令牌，價值約3,300萬美元。

While this sum is not as large as the PYTH token unlock, it represents a substantial supply event for this relatively new project.

儘管此款項不如Pyth代幣解鎖那麼大，但它代表了這個相對較新的項目的實質性供應事件。

The May 19 unlock includes a well-diversified distribution across various strategic categories. The largest allocation, 2.65% or approximately 8.47 million tokens, is designated for Ecosystem and Network Incentives to support the long-term utility of the protocol as well as user participation.

5月19日的解鎖包括各種戰略類別的分佈良好。最大的分配，2.65％或約847萬個令牌，被指定為生態系統和網絡激勵措施，以支持協議的長期實用性以及用戶參與。

Community, Airdrop, and Marketing initiatives will receive 1.74% or approximately 2.61 million tokens to drive brand growth and user engagement. Meanwhile, Foundation Reserves will increase by 2.41% (approximately 3.61 million tokens), serving as a measure to ensure the sustainability of the project.

社區，空投和營銷計劃將獲得1.74％或約261萬個令牌，以推動品牌增長和用戶參與度。同時，基金會儲備將增長2.41％（約361萬個令牌），以確保項目的可持續性。

Notably, token buyers before the TGE will unlock 4% or approximately 800,000 tokens. This could be a short-term risk factor if early investors choose to realize profits.

值得注意的是，在TGE之前的代幣買家將解鎖4％或大約800,000個令牌。如果早期投資者選擇實現利潤，這可能是一個短期風險因素。

This new token issuance could potentially encourage early backers and internal parties to sell their tokens, which could put downward pressure on the price.

這項新的代幣發行可能會鼓勵早期的支持者和內部各方出售其令牌，這可能會給價格下降壓力。

ZKJ has attracted attention for its zero-knowledge proof (ZK-proof) infrastructure that supports Web3 interoperability, and this unlock will be a test of market confidence in the long-term value of the project.

ZKJ因其支持Web3互操作性的零知識證明（ZK-PROFFARE）基礎架構引起了人們的關注，並且這種解鎖將是對項目長期價值的市場信心。

Short-term holders are advised to be cautious, as this kind of unlocking may cause temporary price instability.

建議短期持有人謹慎，因為這種解鎖可能會導致暫時的價格不穩定。

Saros is set to unlock 213.93 million SAROS tokens on May 19, which represents about 8.15% of the total outstanding supply, with a total value of about $28 million.

薩羅斯（Saros）將於5月19日解鎖2.139億薩羅斯令牌，約佔未償還供應總額的8.15％，總價值約為2800萬美元。

These unlockings bring considerable liquidity to the market and have the potential to significantly influence price movements in the short term.

這些解鎖為市場帶來了可觀的流動性，並有可能在短期內顯著影響價格變動。

The token distribution includes allocations for Core Contributors and Ecosystem Growth, amounting to 54.06 million and 40.54 million tokens respectively.

令牌分佈包括核心貢獻者和生態系統增長的分配，分別為5406萬和4054萬個代幣。

SAROS is likely to face increased selling activity, depending on investor sentiment and the depth of market liquidity.

薩羅斯（Saros）可能會面臨銷售活動的增加，具體取決於投資者的情緒和市場流動性的深度。

This project is part of the Solana ecosystem, which has recently seen increased interest. The strength of the ecosystem as a whole may help cushion the impact of this unlocking.

該項目是Solana生態系統的一部分，該系統最近發現興趣增加。整個生態系統的強度可能有助於緩解這種解鎖的影響。

However, volatility is expected to increase ahead of and shortly after the unlock date.

但是，預計波動率將在解鎖日期之前和之後不久提高。

This major unlocking, valued at over $330 million, is expected to greatly affect the market dynamics of the PYTH token.

這種主要的解鎖價值超過3.3億美元，預計將極大地影響Pyth代幣的市場動態。

The token distribution reflects the project’s growth plans and covers several strategic areas:

令牌分佈反映了項目的增長計劃，並涵蓋了幾個戰略領域：

While its distribution reflects an ambitious growth strategy, this unlocking also carries significant market risks.

儘管其分佈反映了雄心勃勃的增長戰略，但這種解鎖也帶來了嚴重的市場風險。

As one of the biggest unlockings of 2025 so far, this surge in supply could trigger massive selling pressure, unless there is strong demand capable of absorbing the additional liquidity.

作為到目前為止2025年最大的解鎖之一，這種供應激增可能會引發巨大的銷售壓力，除非有強大的需求能夠吸收額外的流動性。

Traders and investors need to be prepared for high volatility during this period. Historically, key openings of this magnitude often lead to price corrections, unless there is a positive catalyst strong enough to stabilize the market.

在此期間，貿易商和投資者需要為高波動率做好準備。從歷史上看，這種大小的關鍵開口通常會導致價格校正，除非有足夠強大的催化劑足以穩定市場。

Subsquid will unlock about 38.1 million SQD tokens on May 25, which represents about 2.86% of the total supply and is valued at about $10.2 million.

5月25日，Subsquid將解鎖約3810萬平方米的令牌，約佔總供應量的2.86％，價值約為1020萬美元。

This unlocking is part of the project’s vesting schedule and will increase the number of tokens in circulation, potentially affecting the dynamics of the token price.

這種解鎖是該項目歸屬時間表的一部分，它將增加流通中的令牌數量，可能會影響令牌價格的動態。

As a new player in the blockchain indexing and data infrastructure sector, Subsquid still has limited market depth. Therefore, even a moderate amount of unlocking can trigger significant price movements.

作為區塊鏈索引和數據基礎架構領域的新參與者，Subsquid的市場深度仍然有限​​。因此，即使是適量的解鎖也可以觸發重大的價格變動。

Low liquidity can magnify the risk of a price drop if early investors or team members decide to sell their tokens.

如果早期的投資者或團隊成員決定出售其令牌，則流動性低可以放大價格下降的風險。

However, the growing demand for on-chain data may help the price recover quickly, provided that the project fundamentals remain strong and user adoption continues to grow.

但是，只要項目基礎仍然強勁並且用戶採用不斷增長，對鏈上數據的需求不斷增長，則可以幫助價格迅速恢復。