计划下周（2025年5月19日至25日）进行几个重要的令牌解锁，可能会影响市场价格和投资者的情绪。

当大量先前锁定的令牌被释放到流通中时，它会触发销售压力并增加市场波动。

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

计划下周（5月19日至25日）进行几个重要的令牌解锁，可能会影响市场价格和投资者的情绪。

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

当大量先前锁定的令牌被释放到流通中时，它会触发销售压力并增加市场波动。

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

建议商人，尤其是长期投资者，密切监视此关键开放，以评估可能的价格变动和市场动态。

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

5月19日，Polyhedra Network将解锁1550万个ZKJ令牌，价值约3,300万美元。

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

尽管此款项不如Pyth代币解锁那么大，但它代表了这个相对较新的项目的实质性供应事件。

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日的解锁包括各种战略类别的分布良好。最大的分配，2.65％或约847万个令牌，被指定为生态系统和网络激励措施，以支持协议的长期实用性以及用户参与。

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.

社区，空投和营销计划将获得1.74％或约261万个令牌，以推动品牌增长和用户参与度。同时，基金会储备将增长2.41％（约361万个令牌），以确保项目的可持续性。

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之前的代币买家将解锁4％或大约800,000个令牌。如果早期投资者选择实现利润，这可能是一个短期风险因素。

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

这项新的代币发行可能会鼓励早期的支持者和内部各方出售其令牌，这可能会给价格下降压力。

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互操作性的零知识证明（ZK-PROFFARE）基础架构引起了人们的关注，并且这种解锁将是对项目长期价值的市场信心。

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

建议短期持有人谨慎，因为这种解锁可能会导致暂时的价格不稳定。

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.

萨罗斯（Saros）将于5月19日解锁2.139亿萨罗斯令牌，约占未偿还供应总额的8.15％，总价值约为2800万美元。

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

这些解锁为市场带来了可观的流动性，并有可能在短期内显着影响价格变动。

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

令牌分布包括核心贡献者和生态系统增长的分配，分别为5406万和4054万个代币。

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

萨罗斯（Saros）可能会面临销售活动的增加，具体取决于投资者的情绪和市场流动性的深度。

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.

该项目是Solana生态系统的一部分，该系统最近发现兴趣增加。整个生态系统的强度可能有助于缓解这种解锁的影响。

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

但是，预计波动率将在解锁日期之前和之后不久提高。

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

这种主要的解锁价值超过3.3亿美元，预计将极大地影响Pyth代币的市场动态。

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

令牌分布反映了项目的增长计划，并涵盖了几个战略领域：

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

尽管其分布反映了雄心勃勃的增长战略，但这种解锁也带来了严重的市场风险。

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.

作为到目前为止2025年最大的解锁之一，这种供应激增可能会引发巨大的销售压力，除非有强大的需求能够吸收额外的流动性。

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.

在此期间，贸易商和投资者需要为高波动率做好准备。从历史上看，这种大小的关键开口通常会导致价格校正，除非有足够强大的催化剂足以稳定市场。

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将解锁约3810万平方米的令牌，约占总供应量的2.86％，价值约为1020万美元。

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.

这种解锁是该项目归属时间表的一部分，它将增加流通中的令牌数量，可能会影响令牌价格的动态。

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.

作为区块链索引和数据基础架构领域的新参与者，Subsquid的市场深度仍然有限​​。因此，即使是适量的解锁也可以触发重大的价格变动。

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

如果早期的投资者或团队成员决定出售其令牌，则流动性低可以放大价格下降的风险。

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，只要项目基础仍然强劲并且用户采用不断增长，对链上数据的需求不断增长，则可以帮助价格迅速恢复。